SendFriend incorporates Ripple’s xRapid software to enable Filipinos in the US to cut costs while sending money back to the Philippines in seconds instead of days.
SendFriend launched in New Jersey on June 23. The next-generation blockchain empowered remittance platform enables users to send money to the Philippines cheaply. The company has assisted many Filipino workers to transfer dollars to the Philippine peso at the lowest market rates. SendFriend it aims to make money remittance much secure, faster, and cheaper for its users and now the company announced its plans to utilize Ripple’s XRP-based xRapid.
We’re all excited for our launch, and today is the Day (for New Jersey)! Join thousands of Filipinos and come out to the Philippine American Friendship Committee Parade and check out our booth – We will be here all day! pic.twitter.com/PkcrGChwZ9
— Diameter Pay (@DiameterPay) June 23, 2019
In 2018, millions of migrant workers in the United States transferred almost $650 billion in remittances. Furthermore, they spent over $45 billion in fees using traditional services to send money back home. These transactions were settled in three to five days. Studies show that people in the United States send at least $11 billion in remittances each year to the Philippines.
Currently, large banks dominate one of the largest industries in the US, cross-border payments. These financial giants guzzle down high transaction fees from users. Therefore, the entry of SendFriend into this arena is a welcomed alternative that is gaining popularity rapidly.
Banking Monopoly Slain
SendFriend announced that it plans to deploy Ripple’s xRapid software into this billion-dollar industry monopolized by traditional banks. xRapid is a blockchain-empowered solution that minimizes transactional costs for all international remittances. The XRP-based solution that converts USD to XRP to Pesos in seconds enables users to avoid conventional banking systems.
Also, the xRapid solution will enable workers to avoid the banks’ exorbitant fees while completing transactions within seconds instead of days. Hence, the remittance technology platform has risen to a new level altogether. XRP is used as a liquidity vehicle for these cross-border payments.
The remittance company says that its fees are 65% lower than the industry average after eliminating the high bank fees. Hence, they managed to replace a complex and expensive legacy operation with an ultra-low-cost experience for transacting money worldwide.
How SendFriend came about
David Lighton, SendFriend’s CEO, discovered the need for a safe and economical money transfer system in the wake of 2010’s Haiti earthquake. During that time, at least 7% of financial aid was consumed by banks. His futuristic innovation, SendFriend, got the prestigious MIT Legatum Fellowship award.
The SendFriend platform also gained recognition as the next big thing in the money remittance sector. The platform comes as a welcome change for the millions of Filipino migrants in the US overpaying for inter-country money transfers.
Ripple (XRP) Price Analysis
Innovations and developments like SendFriend that use XRP are partly responsible for the surge in the token’s price. Analysts believe that XRP will maybe surpass its all-time-highs also assisted by the current crypto market pump led by Bitcoin’s positive price action. Currently, XRP is trading at $0.46.
Though nobody is sure whether Ripple will climb back to its all-time-highs in the next bull run, history shows that the token experiences long durations of consolidation before exploding upwards.
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