According to a report from the start-up platform “the incubator” on 25 January, the Vienna-based payment service provider Transpaygo announced a future collaboration with Ripple to use its new xRapid payment system for international money transfers.
The Viennese fintech company specializes mainly in money transfers for small and medium-sized enterprises. In addition, Transpaygo operates a payment platform called “Fonmoney”, which allows private customers to make bank transfers from Europe to other countries and to charge prepaid cards anywhere in the world.
For its international money transfers, the company will use Ripples xRapid payment system after the technology has been successfully used for transfer to Mexico and the Philippines as an alternative to the traditional SWIFT system. Mirko Kinigadner, CEO of Transpaygo, told the incubator:
“Thanks to Ripple, we are able to tap the promising markets of Mexico and the Philippines in a new way for money transfer. With this partnership, we believe we can pave the way for safer, cheaper and faster money transfers abroad. ”
XRP, still the most accurate decision for international money transfers
In addition, in international money transfers – in addition to speed – information exchange and traceability also play an important role. Via Ripple (XRP) a transfer in a few minutes would be feasible, which would considerably shorten the duration of a foreign transfer.
With the Viennese fintech company, the number of ripple cooperations will be expanded by one institution. On January 8, Ripple announced that it was working with 13 new financial institutions, bringing the total number of ripple partnerships to over 200.
Also published on Medium.