TransferTo transfers its cross-border payments to an upgraded level with Stellar Lumens 19411
News
Madhurima Roy
Jul 25, 2018 at 1:25 PM

TransferTo, a Singapore based B2B cross-border mobile payments Network, has shaken hands with Stellar Lumens to augment its money transfer services across countries. The partnership is targeted to aid the financial institutions and partners of both the companies.

How will the partnership aid Stellar Lumens and TransferTo?

Stellar, a distributed and open-source blockchain platform is known for associating its array of financial systems and assisting cross-asset transfers globally. On the other hand, TransferTo, as the name suggests, offers a cross-border mobile payments network for emerging markets, which interconnects financial institutions and digital financial service providers all across the globe. With the two pioneers forming an alliance, the duo will cater unified benefits to the duo with “combined network coverage, and be able to leverage new technologies to send and receive money more efficiently to more than 70 countries.”

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Thrilled about its enhanced seamless and efficient settlement method between its network partners, TransferTo mentioned in its website: “By integrating with Stellar, TransferTo will enable a more seamless and efficient settlement method between its network partners.”

What are the leaders of Stellar Lumens and TransferTo saying?

Lisa Nestor, the Director of Partnerships at Stellar, who sees TransferTo as "a leader and innovator in the remittance space", also confirmed the partnership and is "thrilled" at the partnership and its promising prospects. "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,” she said.

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On Twitter, she further posted: “Very, very excited to see what an innovator like @TransferTo will launch on the @StellarOrg network! Welcome friends”

Aik-Boon Tan, Chief Customer Officer at TransferTo, stated that the company is always striving to be at the "forefront of the payments industry", and they are viewing the partnership in attaining their goal "to trial the blockchain technology and scale our cross-border payment service to better serve our partners and reduce costs." He is of the opinion that the partnership "can enable our partners to better serve both the migrant workers sending money home and their families receiving it."

 

Image via Shutterstock

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