TransferTo is has announced a partnering with Stellar.org to further enhance the way in which money is transferred across borders. 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 to more than 70 countries.
Stellar is a distributed and open-source blockchain platform that connects diverse financial systems and facilitates cross-asset transfers of value around the world. Stellar’s distributed ledger provides an instant clearing, settlement, and execution platform, enabling value to move across borders, directly between banks and payment gateways. TransferTo operates a cross-border mobile payments network for emerging markets, which interconnects financial institutions and digital financial service providers globally. Like the TransferTo network, Stellar also provides the benefits of real-time, secure, and low-cost transfers.
Aik-Boon Tan, Chief Customer Officer at TransferTo, says: “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.”
Director of Partnerships at Stellar.org, Lisa Nestor commented: “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.”