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A consumer payment platform supported by MIT Media Lab, Mastercard and Ripple is integrating Ripple's XRapid XRP to reduce costs and increase cross-border payment efficiency.
SendFriend is ready to launch this year and turns to the Philippines to offer expats an affordable way to send money home. The project, winner of the Translator Innovation Alliance award from MIT Media Lab, was developed at MIT by the CEO and founder David Lighton.
According to American Banker, Lighton says that xRapid offers a new level of efficiency.
"This allows us to be more efficient with our back-end capital. These are real-time settlements, so we do not have to pre-finance, we do not have to park the money in the reception corridor and therefore manage the exchange rate risk. We can do it one by one as the transactions go on. "
The platform is designed for the millions of migrant workers who pay more than they should for international money transfers.
SendFriend states that the full list of supporters of the company includes Barclays, Techstars, Ripple, MIT Media Lab, Mahindra Finance and MasterCard Foundation.
Ripple's XRapid is designed to use XRP to enhance instant cross-border transaction between financial institutions. You can check more on how it works here.
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