Ripple Product allows SendFriend to Save Up to 80% in Remittance Fees
In a blog post published on December 12, SendFriend noted it uses the technology of Ripple in saving up to 80 percent in remittance fees. SendFriend is a startup into money transfer based on blockchain. It utilizes xRapid, a product of Ripple.
The product provides cross-border payments, converts between the USD, XRP, and Philippine pesos, and prevents conventional banking systems’ time-consuming process. The focus of the startup’s money transfer app is the reduction in yearly remittance fees for cross-border Filipino workers. Also, it asserts the lowering of such transaction costs by a maximum of 75 percent.
According to the CEO of the startup known as David Lighton, the reduction is possible through the On-Demand Liquidity (ODL) technology of RippleNet. ODL helps the users to utilize the digital token XRP in bridging two currencies in just three seconds. Lighton notes that SendFriend was able to bring down charges up to 2 percent.
RippleNet Payment Network
In January 2019, five companies joined the RippleNet payment network: SendFriend, JNFX, Transpaygo, FTCS, and Euro Exim Bank. Some companies and organizations offered SendFriend $1.7 million in investments in the following month, including Ripple, the Mastercard Foundation, MIT Media Lab, and Barclays.
A peer-to-peer remittance firm based in Chile, known as CurrencyBird, joined RippleNet toward the end of that year. CurrenyBird benefited from new currencies, improved prices, and faster transfer speeds as a result.
July 2019 saw the release of a stablecoin focused on payments pegged to the currency of the Philippine through its. It aimed at motivating greater financial inclusion.