TransferTo Partners With Stellar To Trim Cross-Border Payment Costs
Leading cross-border digital payment network TransferTo has signed a partnership deal with Stellar Development Foundation, which builds blockchain technology based payment transfer solutions and XLM crypto token, in an attempt to increase its client base by slashing transaction costs.
Per the agreement, TransferTo will integrate Stellar’s blockchain-based payment system for hassle free, efficient cross-border payment services. Stellar’s distributed ledger technology (DLT) based platform has proven capability to lower cost, while increasing transaction speed. The platform also ensures transparency by facilitating tracking of all activities.
Ik-Boon Tan, Chief Customer Officer at TransferTo said
“[…]by partnering with Stellar our goal is to trial the blockchain technology and scale our cross-border payment service to better serve our partners and reduce costs. This can enable our partners to better serve both the migrant workers sending money home and their families receiving it.”
TransferTo facilitates Mobile-based single point connectivity between banks, mobile money operators, money transfer operators, and non-governmental organizations (NGOs) with digital wallet and bank account.
According to TransferTo’s web page, the company operates in more than 70 countries, including the US, India, China, Australia, entire Latin America and Western and Central African states.
Following the partnership, the clients of Stellar Development Foundation will also have access to the TransferTo network.
Commenting on the partnership, TransferTo made the following announcement
“Under this collaboration, financial institutions and partners of both Stellar.org and TransferTo will benefit from the combined network coverage and be able to leverage new technologies to send and receive money more efficiently.”
Stellar project was started by Jed McCaleb and Joyce Kim in July 2014. The San Francisco-based company is focused on providing a blockchain network that can perform high speed and low cost payment transfers