Sendfriend to Slash Remittance Cost by 65% Using Ripple’s xRapid
Few people have probably heard of Sendfriend. This will probably change because of the recent events that have unfolded regarding the company and its relationship with Ripple.
Sendfriend using xRapid by Ripple for cross-border remittances
Sendfriend is a company created by a team of former MoneyGram and World Bank employees who saw the need to help expats, overseas workers, and employees who are required to pay excessive fees when making international money transfers. It has won the award of the MIT Media Lab Translation Innovation Alliance. It is also backed by Barclay, Mahindra Finance, Mastercard Foundation, MIT Media Lab, and Techstars.
This year, Sendfriend is introducing a new consumer remittance platform and is setting its sights on starting a business in the Philippines, which has a very large number of overseas workers who need to send money to their families back home fast, efficiently and at a lower cost. To be able to accomplish this, Sendfriend is integrating xRapid, Ripple’s XRP powered cross-border payment solution.
At present, the company is in the process of acquiring remittance licenses in all the U.S. states. For instance, very soon New Jersey-based Filipinos can make international money transfer transactions to send money to their relatives in the Philippines using the Sendfriend app.
The best news about this latest collaboration between Sendfriend and Ripple is the benefits that its users will get from the service. By using xRapid, the service will be utilizing Ripple’s distributed ledger technology. This will cut the added cost of making remittance transactions by as much as 65%.
This will also give Sendfriend a head start in the growing international money remittance industry. Cross-border remittances have been growing very dramatically as more move to other countries in search of work. This is also because there has been an increasing number of people taking virtual jobs and working online for companies based in other countries.
All of this will be running under Ripple’s xRapid solution, which uses XRP, Ripple’s blockchain technology cryptocurrency. The total package makes it a very cost-effective, fast and secure consumer payment solution.