TransferTo Partners with Stellar to Increase Payments Coverage in Underdeveloped Regions 🚨 This article is 6 years old...
TransferTo Partners with Stellar to Increase Payments Coverage in Underdeveloped Regions
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Updated: Mar. 24, 2020 at 6:55 am UTC
Photo by Alex Siale on Unsplash
U.K.-based cross-border payments processor TransferTo signed a partnership with the Stellar foundation, the entity behind Stellar Lumens (XLM), on July 25, 2018, to enable faster mobile payments in emerging markets.
Augmenting Blockchain Networks in Developing Markets
As per details of a press release, TransferTo has over 200 operational partners in 70 cities making use of the platform to facilitate cost-efficient and accessible for clients. The company believes its synergy with Stellar would help augment its operations in developing nations and while making cross-border payments cheaper.
The partnership represents a win-win situation for both involved parties. Stellar network participants can now utilize TransferTo’s deep network in underdeveloped markets. The latter is said to have processed over 100 million transactions since its launch in 2005.
Speaking of the development, TransferTo acknowledged Stellar’s protocol that boasts of speedy transactions and high-security data storage. Not considering hacks from third-party services, the Stellar network has impressively not found itself in any major security breaches since its inception in April 2015.
The release stated:
“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.”
Stellar regarded the partnership as a noteworthy development for expanding their current and potential future network, alongside continuing to “drive greater financial inclusion” for the underbanked market.
Stellar’s Blockchain Dominance
For the uninitiated, the blockchain-based Stellar platform provides a smooth transaction execution system and fast payment settlements aimed at individuals, banks, and financial institutions to process cheap cross-border payments in real time, using its native XLM token or the Stellar protocol.
The project received positive press in recent times after several progressive developments for both foundation and token.
In June 2018, Stellar acquired Chain, a San Francisco-based blockchain startup in a deal worth $500 million of XLM tokens. The company offers a “cloud blockchain” services for organizations willing to integrate the technology into existing infrastructure.
As reported by CryptoSlate on July 18, 2018, Stellar was certified “halal” by the Islamic scholars of Shariah Review Bureau (SRB). In effect, XLM became the first cryptocurrency to receive Sharia compliance certification and integrate with financial firms in the Middle East and Southeast Asia, two Islam-dominated regions.
