TransferTo announced today that it is partnering with Stellar in order to improve international money transfers via an experimental blockchain-based program.
The partnership should bring benefits to both TransferTo and Stellar partners and users from over 70 countries including the USA, Australia, China, India, and most of Latin America which will be able to send and receive money more efficiently.
This new partnership will require TransferTo to integrate its technologies with Stellar’s already existing blockchain-based infrastructure to enable more seamless and efficient settlement methods between its network partners.
For those who don’t know, Stellar is an open source and distributed blockchain platform that strives to unite the financial systems from around the world by enabling cross-asset transfers. In short, Stellar’s ledger platform that allows value to move between banks and payment gateways.
Both companies excited about the future
This partnership makes a lot of sense since TransferTo also provides secure and low-cost financial transfers. The Chief Customer Office at TransferTo, Aik-Boon Tan, says as follows: “We always aim to be at the forefront of the payments industry, and 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.”
The positive thoughts are also shared by Lisa Nestor, Director of Partnerships at Stellar.org: “TransferTo is a leader and innovator in the remittance space, and has extensive experience and reach in emerging markets. We’re thrilled to be partnering with TransferTo to offer an expanded network for our current and future partners, as well as continue to drive greater financial inclusion for the underbanked.”
If this exciting partnership between TransferTo and Stellar.org will actually manage to change the face of international cross-asset transfer remains to be seen. Nevertheless, even if that doesn’t happen, the users of both platforms should still be happy.