International payment provider, TransferGo, is opening a new payment corridor to India using Ripple’s blockchain technology. The new remittance corridor is the latest example of how blockchain technology can provide real-time transactions between cross-border locations.

According to the press release, the corridor will consist of that between Europe and India, which is a multi-billion dollar corridor. The payment provider discussed the partnership with Ripple, mentioning that it is a better alternative to Swift:

“Ripple is a replacement for the multiple slow incumbent communications systems, most prominently Swift, where transfers can take up to 2-3 days.”

In addition to adding real-time transactions between Europe and India, TransferGo also announced the release of a new, free, money transfer service between Europe and India, powered by the Ripple blockchain. The free service will allow users to transfer funds with a delivery time of 2-3 days with zero fees and a mid-market rate.

TransferGo’s Founder and CEO, Daumantas Dvilinskas, spoke about the partnership with Ripple, saying:

“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers by using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”

Ripple’s SVP of Customer Success, Marcus Treacher, spoke about the TransferGo partnership:

“At Ripple, we believe blockchain technology has the power to make money move as quickly as information moves today. TransferGo is a great example of a forward-thinking payment provider that’s leaning in to new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.”

The utilization of Ripple’s blockchain payment rails comes as many companies begin to recognize that the current settlement systems, monopolized by Swift, are outdated, entailing hefty fees and taking multiple days to settle.