Posted on

SendFriend Leverages Ripple’s xRapid For Overseas Remittances

0 Total shares
SendFriend has the potential to oust Western Union.

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.

Risk Disclosure

This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

Join our Telegram Group To Stay Up To Date With Crypto News


Daily updates


We are your go-to news source for everything cryptocurrency and blockchain in the U.S. and internationally.

CryptoBlockWire is your home for the latest cryptocurrency and blockchain news. It’s our job to provide you with access to the latest breaking news regarding Bitcoin, altcoins, and blockchain technology. There is nothing more exciting than being at the forefront of the cryptocurrency movement and financial consumer technology. CBW’s extremely knowledgeable writing staff use their experience and enthusiasm to publish the most current, accurate, and helpful stories in the entire crypto-sphere.