SendFriend will use XRP for cross-border remittances to the Philippine market. The consumer payment platform started working with Ripple a short time ago. At the same time, SendFriend is supported by MIT Media Lab, Barclays, Mastercard and Ripple.
SendFriend starts working with Ripple and XRP
The CEO and founder of SendFriend announced at the Barclays Accelerator in New York that will launch in the first quarter of 2019. According to the company, the current banking system does not offer adequate services to companies around the world.
This is why Lighton explained that they will be the first international consumer payment solution that complies with US regulations. Furthermore, it will be based on the top of the blockchain.
Sendfriend (a newly announced xRapid client) will enter service with their service in the first quarter of 2019
David Lighton, CEO of Sendfriend
– Steven Diep (@DiepSanh) 9 January 2019
During the presentation, Lighton showed how slow and expensive payment services like Western Union are. A person is able to send money abroad with this company, but the costs are high and transactions can take days to settle. This is due to the fact that the company needs to send money through various banking institutions all over the world. After that, the funds would finally reach the desired country.
On the partnership that his company has signed with Ripple, he commented:
"We are excited to partner with Ripple to do just that: Through our partnership, we are bringing our customers a next-generation blockchain payment solution that leverages XRP to solve many of the problems of efficiency and equity with existing remittances. For them, this means cheaper and faster payments ".
Ripple decided to offer support to SendFriend by giving them $ 1 million for marketing expenses. With SendPay, funds can be sent around the world in seconds (almost in real time) using blockchain technology. In addition, the company will use the XRP cryptocurrency to further improve its services.
Using XRP, SendFriends will be able to find cash on demand when sending payments on behalf of its customers.
Ripple is expanding on the market, as is XRP. Ripple Labs recently announced that several new banking and financial institutions have joined RippleNet. In addition, some of these companies will also use the XRP digital asset.
In 2018, Ripple announced the results for the xRapid product. Asheesh Birla, Ripple's Senior Vice President and Product Management, said the product can improve transaction times and reduce costs.
Second at Mr. Birla, financial institutions have saved between 40% and 70% and have reduced transaction times to 2-3 minutes.