TransferTo has teamed up with Stellar.org to facilitate money transfers to more than 70 countries.

The collaboration is expected to benefit all financial institutions and partners associated with TransferTo and Stellar.org by offering them access to the combined network coverage of these two entities.

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The partnership is said to help TransferTo facilitate an effective settlement method between its network partners.

Commenting on the alliance, Stellar.org Partnerships director Lisa Nestor said: “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.”

An open-source blockchain platform, Stellar connects different financial systems and enables cross-asset transfers of value globally. Its distributed ledger offers swift clearing and settlement, enabling cross-border money movement directly between banks and payment gateways.

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TransferTo chief customer officer Aik-Boon Tan 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.”