We are glad to introduce DTransfer, an instant cross-border payment solution for businesses. Facilitating first client payments marks the launch of our money transfer platform. DTransfer empowers global business to operate more efficiently by leveraging blockchain technology to transfer funds – fast, cheap and transparently.
DTransfer aims to revolutionize the global payment industry, paving the way for a radically modernized international banking system. Utilizing blockchain technology and the Stellar network in particular to connect instant banking networks, DTransfer is able to facilitate instant cross-border payments for businesses. DTransfer establishes a new standard for moving money around the globe with a focus on speed, cost efficiency and transparency.
We have successfully connected our instant payment platform to banking networks in Europe, US, Mexico, Nigeria and Tanzania and are in the process of connecting to further local bank networks, mainly in Europe, Asia, Africa and the Americas.
In the early stages of testing DTransfer during our closed alpha we received very positive client feedback. The lending platform UHURU Microfinance is among the first businesses to use our money transfer service.
Andreas Reiffenstein, founder and CEO of UHURU Microfinance Consulting GmbH explains:
“We encounter constant pain points when working with traditional banks to send money to Tanzania. We are waiting days for transfers to complete, high transaction fees increase our operating costs and the offered exchange rate between Euro and Tanzanian shilling is far from competitive. Money transfers resemble pretty much a black box for us, as we have no choice or influence over the outcome.”
UHURU Microfinance is working to build a more inclusive financial system in Africa by connecting international investors and local microfinance providers. The rapidly growing Sub-Saharan African economy lacks the necessary financial relationships and infrastructure to properly leverage the progress. In order to maintain and build its empowering position in supporting the Sub-Saharan economy, UHURU Microfinance has integrated DTransfer to help facilitate international payments.
“We have recently signed up with DTransfer and judging from the first transactions we've made, the results are very promising. We see the transfer fees and currency exchange rate prior to initiating the transfer, which adds a great level of transparency and fairness. We now enjoy the same currency exchange rates as big banks do for inter-bank transfers. In addition to that, transfer money was credited in Tanzania already a few minutes after hitting the send button.”
DTransfer’s initial Beta service offers some robust features that will continue to evolve as our solution grows. All features aim to contribute to our main advantages: speed, cost, and transparency. These features include:
As DTransfer begins to establish itself as a viable cross-border payment platform, we continue to push forward in order to improve usability, security and overall user experience, as well as adding innovative features.
Future iterations will introduce interest payments on balances held with DTransfer, in contrast to banks which pay little to no interest or even charge fees for holding balances under certain conditions.
Additionally, we are aiming to support foreign currency exchange for our transfer by using Decentralized Finance (DeFi) deposits, as they incentivize providing liquidity required by high-volume decentralized currency exchange. DTransfer will also tap into the liquidity on other blockchains besides Stellar, such as the Ethereum network, by building trustless connections between blockchains.
Just as blockchain-enabled DeFi allows billions of dollars to be moved into new forms of investments, decentralized international payment systems allow money to move more fluidly. Already in 2015, a McKinsey study on global payments stated:
“To maintain their strong footprint in cross-border payments, banks need to rapidly move away from the existing correspondent bank model, which is burdened with customer pain points. They must think broadly and strategically about the future of cross-border payments—and do so soon, because the industry is already on the move.”