• Wed, 20 Mar 2019, 03:28 AM
  • All times are UTC
  • Edition:
Link copied

MIT-backed startup SendFriend taps Ripple’s xRapid for cross-border payments

Mon, 05 Nov 2018, 11:52 am UTC

SendFriend, a consumer payments platform set to launch this year, is integrating Ripple’s xRapid solution in order to enhance the efficiency of cross-border payments, Daily Hodl reported.

CEO David Lighton originally founded SendFriend at MIT. The platform is backed by a roster of well known organizations including MIT Media Lab, Barclays, Mahindra Finance, Techstars, and the MasterCard Foundation. It aims to enable expatriates send money back home to their friends and family in a cost-effective manner.

According to American Banker, the SendFriend app will soon allow people who live in New Jersey to transfer money to the Philippines. The company is currently in the process of getting a money transmitter license in each state.

xRapid, Ripple’s on-demand liquidity solution, was launched in beta in late last summer. It uses XRP token for more efficient cross-border transactions between financial institutions sending fiat payments. In May 2018, Ripple announced that financial institutions that participated in xRapid pilots have seen huge cost savings and increased speed when using Ripple’s XRP token for on-demand liquidity.

SendFriend Chief Revenue Officer David Anderson said that xRapid enhances the efficiency of the process.

“That allows us on the back end to be more efficient with our capital,” he said. “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.”

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $4,033.32 (-0.25%)
  • Ethereum (ETH) $138.96 (-0.71%)
  • XRP (XRP) $0.315800 (-0.60%)
  • Litecoin (LTC) $59.45 (-1.79%)
  • EOS (EOS) $3.73 (-0.60%)
  • Bitcoin (BTC) $4,033.32 (-0.25%)
Mar 19, 2019 (Tuesday)
Crypto wallet Ledger Nano S receives CSPN certification from French cybersecurity agency
CoinMarketCap adds Flipside’s Fundamental Crypto Asset Score to its platform
Crypto exchange Bithumb plans to lay off 50 pct of employees
Japan to implement new rules for cryptocurrency margin trading
U.S. National Pork Board partners with ripe.io to pilot blockchain technology
IBM seeks to transform cross-border payments with Blockchain World Wire
Sri Lanka-based Hatton National Bank partners with Infosys Finacle to pilot blockchain-based trade finance network
Blockchain information platform CoinNess closes Series A funding
Samsung SDS unveils ‘Deliver’ – a platform connecting different blockchain platforms
Mar 18, 2019 (Monday)
German crypto startup Donut secures $1.8M in seed round
Italian asset management firm AcomeA trials blockchain technology for distribution of funds
American Bar Association publishes white paper on cryptocurrencies and digitized assets
XRP, Ether, TRON and others among 58 cryptocurrencies included in ICE’s data feed
South Korean government seeks 30 people for Blockchain National Participation Evaluation Team
Former Mozilla executive joins Stellar Development Foundation as Executive Director and CEO
Blockchain Life 2019 comes to Singapore for its third international edition
Australian government to develop national blockchain strategy
U.S. SEC to host DLT and digital asset-focused public forum in May
Canadian regulators seek to introduce regulatory framework for crypto-asset trading platforms
Mar 15, 2019 (Friday)
Crypto investment firm Paradigm leads Tendermint’s $9M Series A round
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.