As reported by a well-known American landmark, Ripple is ready to integrate a new "consumer payment platform", which was developed by MIT Media Lab in collaboration with Mastercard, in its native xRapid ecosystem.
For those who are not aware of what xRapid is, it is essentially an enhanced cross-border payment system XRP that is able to facilitate international monetary transfers within minutes.
What is the new offer called?
The new project is called SendFriend and everything is ready to be released for public use by the end of the year. For beginners, the development team of this project is trying to hit the Philippines in order to allow people who live there to send / receive money from anywhere in the world.
It is also worth mentioning that SendFriend was the winner of the Translator Innovation Alliance award from MIT Media Lab. The project was developed at MIT by David Lighton, who is also CEO and founder of the company.
Regarding how this partnership will make a difference in today's payments industry, Lighton has the following words:
"This allows us to be more efficient with our back-end capital, it's real-time settlements, so we do not have to pre-finance, we do not have to park the money in the reception corridor and then handle the exchange rate risk. We can do it one by one as the transactions go on. "
In its main essence, Ripple's latest partnership will allow a whole host of migrant workers living abroad to send money to their families in a lean and trouble-free manner. While the project still needs to be deployed in a live environment, it is estimated that the initial test phase will start soon enough.
Finally, another noteworthy point is that some of the current sponsors of SendFriends include big name players like Barclays, Techstars, Mahindra Finance and MasterCard Foundation.