According to a report by the startup platform ” der Brutkasten ” on 25 January, the Vienna payment service provider Transpaygo announced a future cooperation with Ripple to use its new payment system xRapid for international money transfers.
The Viennese Fintech company specialises mainly in money transfers for small and medium-sized enterprises. In addition, Transpaygo operates a payment platform called “Fonmoney”, with which private customers can make bank transfers from Europe abroad and top up prepaid value cards anywhere in the world.
The company will use Ripple’s xRapid payment system for its international money transfers after the technology has already been successfully used for transfers to Mexico and the Philippines as an alternative to the conventional SWIFT system. Mirko Kinigadner, CEO of Transpaygo, told the incubator:
“Thanks to Ripple, we are in a position to open up the promising markets of Mexico and the Philippines in a new way for money transfers. With this partnership, we are convinced that we are paving the way for safer, cheaper and faster money transfers abroad.”
In addition to speed, the exchange of information and traceability also play an important role in international money transfers. Via Ripple (XRP), a transfer can be carried out in just a few minutes, which would considerably shorten the duration of a foreign transfer.
With the Viennese Fintech company, the number of Ripple cooperations is extended by one institution. On 8 January, Ripple announced that it would be working with 13 new financial institutions, bringing the total number of Ripple partnerships to over 200.