TransferTo Partners with Stellar.org to Bolster International Money Transfers
24th July 2018 (Singapore) – Today, TransferTo is excited to announce that it is 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.
By integrating with Stellar, TransferTo will enable a more seamless and efficient settlement method between its network partners.
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.”
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.”
TransferTo is a leading global Cross-Border Mobile Payments Network which interconnects financial institutions and digital financial service providers globally to facilitate real-time international mobile airtime top-ups and money transfers to and from emerging markets – all through one single API connection and one global compliance framework.
For more information, please visit: www.transfer-to.com/moneytransfer
TransferTo Mobile Financial Services Ltd. is authorised by the Financial Conduct Authority in the United Kingdom under the Payment Services Regulations 2017 (Ref. 720167) for Money Remittance and the Execution of Payment Transactions as an Intermediary Payment Service Provider. TransferTo Mobile Financial Services Ltd. is also registered with and regulated by HM Revenue and Customs in the United Kingdom for Money Laundering Regulations as a Money Transmitter (Ref. 12807977)
Stellar.org is a Silicon Valley based nonprofit organization that supports the Stellar network, a free, open-source network that connects diverse financial systems and lets anyone build low-cost financial services—payments, savings, loans, insurance—for their community. The Stellar network enables money to move directly between people, companies and financial institutions as easily as email. This interconnectivity means more access for individuals, lower costs for banks, and more revenue for businesses.