Blockchain Remittance Provider SendFriend Integrates Ripple’s xRapid For Cross-Border Paymentsbr>
Consumer payments platform SendFriend is integrating Ripple’s xRapid to lower the cost and increase efficiency of cross-border payments.
Founded in May 2017 by CEO David Lighton, SendFriend leverages blockchain technology to transform the $600 billion global remittance market. The company’s blockchain app, which is set to launch later this year, is designed to reduce the costs and improve the experience for the millions of overseas Filipino workers who send money home to support their friends and family.
At launch, the app will allow people who live in New Jersey to transfer money to the Philippines. The app will be utlizing Ripple’s xRapid to enhance the efficiency of the process and minimize liquidity costs. xRapid allows to circumvent the requirement of obtaining pre-funded local currency accounts when conducting payments in emerging markets. It connects a financial institution directly to exchanges in both the sender’s and receiver’s countries.
“[xRapid] allows us on the back end to be more efficient with our capital,” said SendFriend Chief Revenue Officer David Anderson. “These are real time settlements so we don’t have to do pre-funding, we don’t have to park money in the receiving corridor and then manage the foreign exchange risk. We can just do it one by one as the transactions go through.”
In August of this year, Ripple partnered with three crypto exchanges — US-based Bittrex, Mexican Bitso, and Philippine-based Coins.Ph — within its initiative to build a “healthy” ecosystem of digital asset exchange. Coins.ph is using xRapid to service over 300 million people having problems with conventional banking within the country and beyond.