Ripple and its partnership with a fintech organization is a topic of concern these days. While the San Fransico based private firm, Ripple, has revealed the victory of reaching 200 global clients for its payment product, RippleNet, a US-based SendFriend has also confirmed the application of Ripple’s yet another product, xRapid.
SendFriend with xRapid Available by Q1 2019
Branded as ‘the smartest way to send money to the Philippines’, SendFriend has been in the industry for a quite long and is unhappy with the existing correspondent banking system. Accordingly, on January 08, 2019, SendFriend’s official video confirmed their payment service system in compliance with xRapid. David Lighton, CEO of Sendfriend states that ‘we are US’s first fully compliant international consumer payment solution built on blockchain and we go live in Q1’
Sendfriend (a newly announced xRapid customer) will go live with their service in Q1, 2019
David Lighton, CEO of Sendfriend
— Steven Diep (@DiepSanh) January 9, 2019
Moreover, Ripple’s official blog also added the excitement of SendFriend’s David Lighton towards the partnership. He said that;
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 address many of the efficiency and equity problems with existing remittances. For them, that means cheaper and faster payments.
Moreover, SendFriend believes, Ripple could solve these problems and help payment settlement within six seconds in real-time. The video did reveal the concern of founder towards blockchain system in against foreign currency. He adds that the payment via foreign currency is risky and expensive while we can settlement one by one using blockchain which is secure and inexpensive, he added. Nevertheless, he is also confident about Ripple’s technology to support SendFriend’s marketing expenses.
The existing correspondent banking system is slow, inefficient and costly. We are excited to partner with @Ripple to solve these problems—to offer our customers a cheaper and faster way to send money to the Philippines. https://t.co/NWQ3LbyjlJ
— SendFriend (@sendfriendinc) January 8, 2019
Ripple Reached Milestone
SendFriend has a mission to help ‘millions of overseas Filipino workers’ in international remittance service. David believes that the partnership with Ripple could help reduce 65% of the industry leverage which, however, Filipino workers overpay every year. Nevertheless, the firm has announced its partnership with Ripple back in late November 2018 but the launch of service by Q1 has come in view of Ripple’s crossing the signup for 13 banks globally which also include SendFriend. The other 12 banks include WorldCom Finance, Euro Exim Bank, ConnectPay, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, GMT, Olympia Trust Company, Pontual/USEND, and Rendimento.
Ripple’s official announcement of reaching global 200 clients for RippleNet is likely that Brad Garlinghouse delivers on his commitment. In mid-2018, Brad, CEO of Ripple Lab Inc predicted that dozens of fintech organization will sign up for Ripple’s technology. Similarly, he took to twitter yesterday and stated the firm has finally ‘reached the commitment milestone’.
Last year some notable critics said financial institutions would never use a digital asset in their payment flows. As I said then, if it offers their customers a better experience at a lower cost, they will – and they are! https://t.co/ZX3RDotmhQ
— Brad Garlinghouse (@bgarlinghouse) January 8, 2019
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com