Stellar (XLM) and TransferTo are delighted to announce that they have entered into a partnership that will see Stellar’s presence increase in more than 70 countries spread across the world. TransferTo is a global competitor providing cross-border payment solutions in more than seventy countries. This partnership sees Stellar join Ripple (XRP) as a money remittance platform, only this time as a more direct competitor.
The partnership agreement comes to ensure that the fintechs, as well as partners of both TransferTo and Stellar, get direct access to all of the advantages the partnership brings. Significantly, the two networks will collaborate to bring forth fast, reliable and seamless cross-border transfer solutions to the financial sector. Stellar will also use this deal to realize its mission of ensuring financial inclusivity for the unbanked in the world.
The two networks will develop technologies that provide cross-border payment systems. Moreover, TransferTo is already a global leader with roots in at least 70 countries, which gives Stellar a head start. TransferTo maintains that the sole purpose of the partnership is to brighten the way money is remitted across borders. The Chief Customer Officer at TransferTo, Aik-Boon Tan in a comment regarding the partnership said:
“We always aim to be at the forefront of the payments industry, and by partnering with Stellar, our goal is to trial the blockchain technology and scale our cross-border payment service to better serve our partners and reduce costs. This can enable our partners to better serve both the migrant workers sending money home and their families receiving it.”
Furthermore, the Director of Partnerships at Stellar Organization, Lisa Nestor expressed excitement for the new partnership stating that “TransferTo is a leader and innovator in the remittance space, and has extensive experience and reach in emerging markets. We’re thrilled to be partnering with TransferTo to offer an expanded network for our current and future partners, as well as continue to drive greater financial inclusion for the underbanked.”
Stellar (XLM) is cryptocurrency project that is open-source and seeks to connect the diverse financial systems in the world economy while facilitating trusted cross-asset transfers. Its distributed ledger has been developed to achieve instant clearing, settlement as well as execution on the platform. It strives to bring financial services like those offered by the banks to the societies around the world that lack such services. The network also interconnects financial institutions and other financial service providers around the world. Its blockchain provides real-time, secure and more importantly, minimal cost transfers.
TransferTo, on the other hand, operates “a leading global cross-border mobile payments network for emerging markets interconnecting money transfer operators, mobile money operators, mobile wallets providers, banks, financial institutions, NGOs and global e-commence merchants to facilitate digital payments to and from emerging markets – all through one single API connection and one global compliance framework.”
Stellar (XLM) price Overview
Stellar (XLM) price is among the few double-digit gainers on the day with over 13% rise in value in the last 24 hours. The cryptocurrency extended the gains yesterday breaking out of the range with the upper limit at $0.307 to trade marginally above $0.35. However, at the time of writing, XLM/USD is changing hands at $0.3398 while settling in a bullish flag pattern supported above $0.330.