TransferTo, an international money transfer with presence and outstanding performance in more than 70 countries has aired that it partnered with Stellar (XLM), a significant competitor to Ripple in cross-border money transfer.

The partnership, in a statement by TransferTo, is purposely to brighten the way money is remitted across borders in the world.

The deal, the statement maintained, is to give fintechs and partners who are under Stellar and TransferTo the benefit that the new collaborations will birth.

Stellar and TransferTo are joining forces to make a trustworthy and seamless avenue where remittance would be made easily.

The new technology to be provided by the two partners will be used in cross-border remittance by those who are affiliated to either of the two firms, bringing Stellar to over 70 countries where TransferTo have loyal customers.

The integration of Stellar and TransferTo will enable a more seamless and efficient settlement method between the two partners’ network, the statement by TransferTo has indicated.

Aik-Boon Tan, Chief Customer Officer at TransferTo who spoke on the development, 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.”

In the same line, Lisa Nestor, Director of Partnerships at Stellar.org hinted 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 is a distributed and open-source blockchain platform with strong use cases that link financial institutions and digital financial service providers across the world. There is hope that this partnership will create a low cost but effective avenue where remittance is done with simple clicks.

Stellar Has Been Awesome.

Stellar is becoming a leader in the remittance world. The platform received a Shariah compliance certificate from the Shariah Review Board (SRB), a leading international Shariah advisory agency licensed by the Central Bank of Bahrain.

The certification makes Stellar the first Distributed Ledger Technology (DLT) to obtain Shariah Certification for Payments and Asset Tokenization.