Ripple Adoption: SendFriend Payment Platform Launches In Q1 2019 And Will Use XRP For Cross-Border Payments In 6 Seconds
Ripple continues to enjoy the fact that more and more companies and institutions begin using its products.
Brad Garlinghouse has already highlighted the fact that more banks and financial institutions will be teaming up with Ripple this year, triggering massive excitement among the vast Ripple community.
Ripple had a successful 2018, and 2019 announces to be filled with even more achievements.
xRapid is the product that Ripple launched for commercial use back in October 2018.
In a recent interview, Ripple addressed the growth of the company’s payment solutions xRapid and xCuurent.
Marcus Treacher, Ripple’s global head of strategic had an interview with The Asian Banker and highlighted that both products are growing at a really fast pace.
SendFriend platform to use XRP
SendFriend is a consumer payments platform that’s backed by Ripple, MIT Media Lab, Barclays, and Mastercard.
They will launch its payment service in the first quarter of the year, and the great thing is that they’ll be using XRP for cross-border transactions.
The project is a winner of the MIT Media Lab Translational Innovation Alliance Award, was developed at MIT by CEO and founder David Lighton.
The platform will start by targeting the Philippines in order to provide expatriates the most affordable way to send cash home.
Cross-border payments in 6 seconds
During the Barclays Accelerator demo day in NYC which was powered by Techstars, Leighton said that SendFriend would be executing cross-border payments in 6 seconds.
More than that, it will offer customers the great opportunity of saving costs by up to 65% in comparison with the traditional cross-border payment companies.
According to the official statement coming from SendFriend, the complete list of backers include the following: Barclays, Techstars, Ripple, MIT Media Lab, Mahindra Finance and the MasterCard Foundation.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.