Home Altcoin Austrian Startup Partners Ripple to Rival SWIFT’s Money Transfer Rails

Austrian Startup Partners Ripple to Rival SWIFT’s Money Transfer Rails

The year 2018 has been one of many interesting developments affecting cryptocurrencies, tokens, and digital assets. One of the more notable trends was the growing number of companies willing to work with Ripple. It appears 2019 will offer more of the same, Transpaygo, a startup located in Vienna, has confirmed they will partner with Ripple to improve upon international payment transfers for SMEs.

Another Major Partnership for Ripple

Regardless of how cryptocurrency enthusiasts may feel about Ripple and their XRP asset, the company is doing a lot of things right. This becomes apparent when simply looking at their growing list of current and future partners. It seems the technology development by Ripple, as well as its native XRP asset, can be of great value in terms of improving upon money transfer solutions.

One of their newest partners comes in the form of Transpaygo. This company specializes in international payment transfers for SMEs. It is only normal a company of this scale would look into innovative solutions to provide competitive services. Partnering Ripple to improve upon existing cross-border payment corridors is one way to go about things. It appears the company has shown a keen interest in xRapid as well.

For the foreseeable future, this partnership will focus primarily on two specific payment corridors. The current plan is to boost money transfers to both Mexico and the Philippines using Ripple’s technology. In doing so, the Vienna-based startup explores alternatives to the more traditional SWIFT-based solutions. SWIFT and Ripple have been “at war’ of sorts over the past few months, thus this trial will yield some very intriguing data along the way.

Transpaygo explains their decision as follows:

“Ripple’s blockchain structure allows us to provide a quick and transparent overview of the payment system. 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.”

This is the latest feather in the cap for RIpple and its xRapid solution. With over 200 partnerships to date, the company continues to make inroads in many different parts of the world. How its XRP asset will hold up in comparison to SWIFT’s fiat-based infrastructure, remains somewhat difficult to predict at this time. After all, there is still a lot of work to be done prior to disrupting the current powerhouse.

The main question is how this new partnership affects the perceived value of XRP as a whole. While Transpaygo wants to explore xRapid’s potential, that doesn’t mean there will be any price shifts to speak of. Ripple and XRP are two very different concepts, even though they are also entwined in some ways. As such, this news is beneficial to Ripple first and foremost, and may not affect XRP all that much.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Ethereum’s Long Term Chart Is Extremely Simple To Read

The weekly Ethereum chart, as opposed to the daily chart, is simple and concise. There are 2 simple...

US Department of Transportation Says Blockchain Has Many Applications For Unmanned Aircraft Systems (Drones)

Blockchain technology could assist with adjusting and improving current technical challenges in the expanding business of commercial drone delivery, said the US...

Security tokens, blockchain settlement draw interest from institutions: MIT Bitcoin Expo panel

Amid growing competition between providers, institutions in the traditional finance space are looking at blockchain as another way to offer value to...

Networking 2.0 at Blockchain Life 2020

Make hundreds of connections at Blockchain Life 2020 The 5th Blockchain Life 2020 returns to Moscow on April 22-23 at the unique media...

Irish drug dealer loses $57M bitcoin fortune after losing access codes

Irish Bitcoin drug dealer Clifton Collins, who has forfeited digital assets worth $57 million, has continued his trial...