SendFriend Uses Ripple Product to Save Up to 80% in Fees
SendFriend is a startup into money transfer based on blockchain. The firm uses the technology of Ripple in saving up to 80 percent in remittance fees. This was revealed in a blog post published on December 12.
The product of Ripple that SendFriend utilizes is known as xRapid. The product provides cross-border payments, converts between the USD, XRP, and Philippine pesos, and prevents the time-consuming process of conventional banking systems.
The focus of the money transfer app of the startup is the reduction in yearly remittance fees for cross-border Filipino workers, and 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 of RippleNet to use digital token XRP in bridging two currencies within three seconds. Lighton noted that SendFriend was able to bring down charges up to 2 percent.
In January 2019, five companies joined the RippleNet payment network. They include SendFriend, JNFX, Transpaygo, FTCS and Euro Exim Bank. In the following month, some companies and organizations offered SendFriend $1.7 million in investments. Some of them include Ripple, the Mastercard Foundation, MIT Media Lab and Barclays.
Towards the end of July 2019, a peer-to-peer remittance firm based in Chile, known as CurrencyBird, likewise joined RippleNet. This afforded CurrencyBird the addition of new ways to its over 50 destinations in place, new currencies, improved prices as well as faster transfer speeds.
Besides, in July 2019, UnionBank in the Philippines released a stablecoin focused on payments pegged to the currency of the Philippine. It was to motivate greater financial inclusion.
Source: Crypto Press News.