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Stellar Lumens [XLM] partners with TransferTo to strengthen foreign money transfers

Gautham Kadri



Stellar Lumens [XLM] partners with TransferTo to strengthen foreign money transfers
Source: Unsplash

TransferTo, a global cross-border mobile payments network recently announced that the company is looking forward to work with Stellar to improve the way in which currency is transferred across national borders.

Through this association, many of the financial institutions and partners of both the companies will benefit from the combined network coverage and gain access to the new technologies that will enable them to send and receive money across the globe.

TransferTo is an organization based in Singapore that deals with digital value services for upcoming markets. It is a B2B mobile settlement system serving top companies like PayPal, Western Union, 7 Eleven, World Remit, Money gram and Tigo mobile money. The organization works a worldwide versatile installment network connecting different financial institutions and online budgetary specialist co-ops over the planet.

By teaming up with Stellar, TransferTo asserted that they will empower a more total and productive settlement technique between its 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.”

Stellar is a payment platform focused on inter-country capital flows between financial bodies, offering a cheaper and faster alternative to the traditional infrastructure of banks. Like the TransferTo system, Stellar supports “real-time, secure, and low-cost” transfer of funds.

Lisa Nestor, Director of partnership at Stellar, commented on the TransferTo official page that:

“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.”

An Enthusiastic crypto-reader and Redditor comments:

“It’s also worth noting that TransferTo are based out of Singapore where Stellar has been establishing a strong presence and has even demonstrated an ATM machine”

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Gautham Kadri is a full time content writer at AMB Crypto. His passion is for writing and interest towards the future of cryptocurrencies and blockchain technology. He does not hold any form of crypto currencies presently.