TransferTo has partnered 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.
According to Aik-Boon Tan, Chief Customer Officer at TransferTo, “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.”
Stellar is a distributed and open-source blockchain platform that connects diversefinancial 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.
By integrating with Stellar, TransferTo will enable a more seamless and efficient settlement method between its network partners.
Lisa Nestor, Director of Partnerships at Stellar.org,says, “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.”
This partnership follows the April partnership of PayPal, TransferTo and Safaricom’s M-PESA to enable Kenyans to seamlessly move money between their M-PESA and PayPal accounts hence eliminating significant barriers that have hindered consumers and businesses in the country from taking full advantage of global eCommerce.
Peter De Caluwe, CEO, TransferTo said the deal would bridge the gap between the services offered in developed countries with those available in emerging markets – which is the cornerstone of its mission.
“This service is a major milestone in the evolution of cross-border mobile payments, in that TransferTo’s technology is creating a fundamental link between M-PESA users in Kenya and PayPal’s global network, and seamlessly connecting Kenyan shoppers and businesses to the global eCommerce world,” said De Caluwe.
M-PESA, which recently said it will venture into Ethiopia, has revolutionised the mobile payments space by offering Kenyans the flexibility to make payments quickly and easily from any mobile phone. The new service makes it possible for Kenyan consumers with an M-PESA account to shop with online businesses across the world.
Though the service allows Kenyan businesses and freelancers to sell to global customers more easily, enjoying PayPal’s secure and trusted technology to collect their payment and the newly launched service to move their money to their M-PESA wallet. These latest deal with Stellar will open up 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.