Global money remittance provider TransferGo announced on Monday (Oct. 24) the addition of a real-time payment option called TransferGo NOW.
The new service will enable customers to have almost instant purchasing power, with the real-time settlement taking TransferGo’s delivery time down to 30 minutes or less.
“That kind of speed is highly valued in the international money transfers sphere,” Daumantas Dvilinskas, cofounder and CEO at TransferGo, told Finextra.
“We at TransferGo have already noticed the incremental increase in the use of various mobile devices, with mobile phones even overtaking desktop usage in the last year, leading to our revolutionary decision to launch close to real-time money transfers for desktop and mobile users, so we can serve our customers even better,” Dvilinskas continued.
TransferGo is considered a disrupter in the money transfer industry, aiming to break down the barriers that often stand between senders and recipients of money. The FinTech has gained a reputation for using bespoke tech innovation and hedging technology to modernize the speed of money transfers.
But the latest research shows many financial intuitions aren’t thrilled about the growing popularity of real-time payments.
The demand is here for faster payments — from businesses, consumers and regulators alike. While they’re apprehensive about the technology, financial institutions are facing pressure to adopt real-time payments capabilities to meet that demand and to comply with new regulations.
“Financial institutions are still a little wary about real-time payments,” said Dion Chief Technology Officer Andreas Wagner and Global Head of Financial Messaging and Workflow Jürgen Dahmen, who offered their joint input on the push for payments speed earlier this week.
The executives said regulators have made real-time payments capability an inevitable requirement, whether banks are happy with that fact or not.
“The increasing regulatory pressure, especially in Europe, over the last couple of years is pushing banks and financial institutions in this direction,” Wagner and Dahmen said, “leaving them with very few options, especially with the deadline for the revised Payment Services Directive (PSD2) compliance inching closer.”