TransferTo Partners with Stellar to Increase Payments Coverage in Underdeveloped Regions

U.K.-based cross-border payments processor TransferTo signed a partnership with the Stellar foundation, the entity behind Stellar Lumens, on July 25, 2018, to enable faster mobile payments in emerging markets.

The company believes its synergy with Stellar would help augment its operations in developing nations and while making cross-border payments cheaper.

Stellar network participants can now utilize TransferTo's deep network in underdeveloped markets.

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.

"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.

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.

In June 2018, Stellar acquired Chain, a San Francisco-based blockchain startup in a deal worth $500 million of XLM tokens.

As reported by CryptoSlate on July 18, 2018, Stellar was certified "Halal" by the Islamic scholars of Shariah Review Bureau.