Blockchain-based money transfer startup SendFriend applies Ripple’s technology to save up to 80% in transfer fees – investment resource has learned.
SendFriend company uses Ripple xRapid product for cross-border payments, converting between United States dollar (USD), XRP and Philippine pesos (PHP). This technology allows bypassing longer process of traditional banking systems.
Philippines-focused remittance platform
SendFriend money transfer platform is aimed to reduce annual transaction commissions for Filipino workers, locating at different countries. The app will reduce such fees up to 75%. According to the startup`s CEO David Lighton, this initiative has become possible thanks to RippleNet’s On-Demand Liquidity (ODL) technology.
Due to ODL, customers of RippleNet are able to use digital token XRP to bridge two currencies in a couple of seconds. “Now we can achieve liquidity, on-demand and depress those transaction costs by up to 75%,” Lighton said and added that the company managed to reduce charge up to 2%.
Blockchain payment network modernization
SendFirend joined RippleNet payment network in January, the firm was accompanied by other players of financial industry: Transpaygo, JNFX, Euro Exim Bank and FTCS. By the way, in February SendFriend received $1,7 mln in investments from Ripple, the Mastercard Foundation, MIT Media Lab and Barclays among others in a funding round.
At the end of July, Chile-based p2p remittance company CurrencyBird also joined RippleNet. The partnership allegedly allows CurrencyBird to add new routes to its more than 50 already existing destinations, new currencies, better prices and faster transfer speeds.
That same month, in a bid to drive greater financial inclusion, Philippines-based UnionBank launched a payments-focused stablecoin pegged to the Philippine peso.