A monumental agreement has been signed by multi-national business to business (B2B) remittance system, TransferTo and Stellar development foundation, a body that develops blockchain payment transfer solutions and a significant player in the crypto space, using Stellar (XLM) cryptocurrencies, in a bid to reduce to cost of payments and make transfer more effective.
The deal states that the payment provider will incorporate Stellar’s blockchain system for smooth and stressfree cross-border services.
The technology which was developed as a distributed ledger, the blockchain which underpins cryptocurrencies, is equipped with features to lower the cost of transfers, make transfer faster and more transparent by its ability to track all activities going on during the transfer process.
A statement by the chief customer officer of TransferTo Ik-Boon Tan said “By partnering with Stellar, our goal is to trial the blockchain technology and scale our cross-border payment service to serve our partners better and reduces cost. This can enable our partners to serve better both the migrant workers sending money home and their family receiving it.”
TransferTo is a leading border mobile payment network, which interconnects financial institutions and digital financial service providers globally to facilitate real-time international mobile top-ups and money transfers to and from emerging markets.
The firm is available in over 70 countries of the world, including the United States of America, China, India, Central African States, the whole of Latin America and others.
TransferTo, under the agreement, will make its network available for the clients of Stellar development foundation.
“Under the 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,” the statement read.
Stellar is an open source protocol value exchange, founded in 2014 by Jeb McCaleb and Joyce Kim. Its brainchild includes the non-profit Stellar Development Foundation, the other partner in the deal. XLM is among the top coins in the crypto space and one of the most valuable.