TransferTo partners with Stellar.org to bolster international money transfers
Stellar Lumens [XLM] has announced that it is partnering with TransferTo to facilitate cross-border transfer of currency. TransferTo, which specializes in international mobile money transfer, recently announced that it will be partnering with Stellar to offer cross-border currency transfer.
Combined network coverage
The partnership will enable partners of both companies and financial institutions to access joint network coverage as well as apply new technologies. It is these technologies that will facilitate money transfer across nations.
Based in Singapore, TransferTo mainly offers digital value services for new and upcoming markets. The B2B mobile settlement system serves some of the top clients in the global financial market. These include Western Union, PayPal, Money gram, World Remit, 7 Eleven and Tigo mobile money. The company has a global installment network that comprise of financial institutions from around the world.
On the other hand, Stellar is an open source and distributed public blockchain platform which facilitates transfer of value between different financial institutions. Being a blockchain platform, Stellar helps to settle payments between different nationalities.
In a statement, TransferTo Chief Customer Officer Aik-Boon Tan said that the company is always on the forefront in debuting new technologies in the international money transfer space. He added that the partnership with Stellar will enable TransferTo to try out on blockchain technology as well as improve its cross-border money transfer business. According to Tan, the end goal is to ensure that they offer high quality services and reduced costs.
On the other hand, Lisa Nestor, Director of Partnerships at Stellar said that TransferTo is one of the leaders in the sector and a major innovator in the remittance sector. She also noted that TransferTo has a lot of experience and penetration in the market. The partnership, according to Lisa, will help Stellar to expand its network so as to accommodate the growing subscription. She also says the partnership will allow her company to have more bargaining power in matters financial inclusion.
Stellar is increasingly becoming Ripple’s big competitor
Stellar is counting on this deal to further build its force and take on Ripple in terms of cross-border remittance. For the years, Stellar has been attracting several financial institutions from around the world on its platform. This has placed it in direct rivalry with Ripple.