Consumer payment platform SendFriend announced its intergration of Ripple’s XRP-powered xRapid payments solution for cross-border payment services. Since the advent of the blockchain technology, cross-border remittance services are now gaining wide proliferation.
The potential benefits of blockchain, like instant and low-cost transfers, have empowered masses across the globe to send money to their friends and family across borders. Naturally, SendFriend is looking to provide similar services to overseas workers.
SendFriend Leverages Ripple’s xRapid Payment Solution
SendFriend is a consumer payment platform developed by MasterCard, MIT Media Lab, and Ripple. Set to launch by this year-end, it will allow Philippines expatriates to send money back home. Of course, at much reduced fee rates.
Moreover, by leveraging blockchain technology, the platform has also cut the remittance cost by 65% from the average industry cost. Additionally, SendFriend provides a seamless interface for users to send money instantly.
The project was initially born out of MIT with the purpose to help overseas workers send more money home using a cost-effective solution. Developed by CEO and Founder, David Lighton, SendFriend has also won the MIT Media Lab Translational Innovation Alliance Award.
Lighton recently praised the xRapid solution saying that it offers a new level of efficiency.
“That allows us on the back end to be more efficient with our capital. These are real-time settlements so we don’t have to do pre-funding, we don’t have to park money in the receiving corridor and then manage the foreign exchange risk. We can just do it one by one as the transactions go through.”
Further, the SendFriend team consists of ex-WorldBank and ex-MoneyGram staff. It is a big plus point, as these experts have a strong understanding of the workings of the global payments industry.
The complete list of backers for the xRapid-enabled system includes other big giants like Barclays, Techstars, and Mahindra Finance.
SendFriend is currently seeking remittance licenses across the United States. The company also noted that New Jersey residents can soon transfer money to their Philippines friends using its application.
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