The Vienna-based Fintech startup Transpaygo will be using xRapid to make transfers in Mexico and the Philippines while its founder believes blockchain technology used by Ripple will have a major impact on the “future of international exchange rate transfers.”
“In this cooperation, we see the future”
Transpaygo has been one of the latest additions to Ripple’s list of partners. The Vienna-based Fintech startup that specializes in international payment transfers for small and medium-sized enterprises will be using the XRP-powered xRapid for cross-border money transfers.
According to an Austrian Startup and innovation platform, the startup would be using the Ripple technology to transfer the funds to Mexico and the Philippines.
Founded in 2012 by Mirko Kinigadner, Transpaygo provides international payments transactions. In addition, private customers can also use its platform Fonmoney to recharge prepaid mobile phone credit globally and to make bank transfers from Europe to other countries.
“Thanks to Ripple, we can tap the promising markets of Mexico and the Philippines in a whole new way for money transfer. In this cooperation, we see the future: even safer and cheaper money transfers abroad. And in a few minutes,” said Kinigadner.
An alternative to conventional Swift method, the Austrian channel wrote, “The process lists transaction blocks with mini contracts in a chain structure, which are retrievable and unchangeable at any time by both transaction partners. This allows Transpaygo to provide a quick overview of the payment system.”
According to Kinigadner, the exchange of information and the traceability of international transactions have become increasingly important. And by using Ripple’s technology, Transpaygo will be able to carry out international transfers within a few minutes.
“In addition, the cryptocurrency as an intermediate currency in the future will ensure simplified exchange opportunities between currencies that are not traded so often. Ultimately, this would contribute to a cost reduction,” said Kinigadner.
Kinigadner has strong belief in the Ripple’s blockchain technology and the major impact it will have on the “future of international exchange rate transfers,” as he shared, “There is much debate in the financial industry about Blockchain, but the potential has not yet been exploited. We’ll change that now.”