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Stellar Makes Sending Money Internationally As Easy As Email
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Tom Groenfeldt ,  I write about finance and technology.  
Opinions expressed by Forbes Contributors are their own.

Sending money to someone in another country should be as easy as sending them an email, says Jed McCaleb, CTO of
An experienced tech entrepreneur, he started eDonkey2000, a file-sharing program, founded Mt. Gox, which he sold to Mark Karpeles in 2011 and then co-founded Ripple Labs as the company's CTO. He left in disputes that were written up in detail in a number of stories at CoinDesk. McCaleb said he co-founded because he believes that gaps and outdated infrastructure in the financial system limit the world's economic potential.
“We are trying to be an internet level protocol for payments,” McCaleb said. “There are lots of payment networks, but they don’t interoperate.”
Stellar is an open nonprofit that supports a universal financial protocol. It wants to build an organizational model  similar to the Linux Foundation, said McCaleb, and it has funding from Stripe, Google and Black Rock. It uses blockchain technology to link participating financial institutions in its network. Stellar says payments across the network settle in two to five seconds and one penny covers 500,000 transactions.
“Stellar, in other words, can make it simpler and more affordable for people everywhere to send money home, to make small payments for things like on-demand solar power, and to save small amounts for school fees or healthcare,” wrote Jessica Collier, a communicator at Stellar, in a blog post explaining how the organization redefined its strategy in 2016. It decided it had to focus on working with financial institutions and consulting firms, anchors that are trusted to accept deposits and honor withdrawals as part of its missing to provide "low-cost financial services to fight poverty and develop individual potential”.

Yesterday Stellar announced partnerships with four financial institutions that will enable low-cost global money transfers to India, Philippines, Europe and cross-border M-PESA payments to and from Kenya, Ghana and Nigeria.
This is one of the first applications of blockchain tech that has the potential to affect a large number of people, outside of those already entrenched in the digital currency space, noted a company spokesperson., a leading mobile financial services provider for the underbanked in Southeast Asia, is now integrated to Stellar so its customers can send global remittances to anyone in the Philippines with just the recipient’s phone number. Senders can use a Stellar wallet or link from any institution connected to the Stellar network. Filipino workers around the world sent $26.92 billion back to the Philippines in 2015, making the Philippines the third largest remittance market in the world, according to the World Bank.

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