Blockchain-based money transfer startup SendFriend utilizes Ripple's technology to save up to eighty% in remittance fees, according to a weblog post published on Dec. 12.

SendFriend uses Ripple's xRapid product for cross-edge payments, converting between the U.s.a. dollar, XRP and Philippine pesos and circumventing the longer procedure of traditional banking systems.

Philippines-focused remittance platform

SendFriend's money transfer app aimed at reducing annual remittance fees for cross-border Filipino workers claims to lower such transaction costs by upward to 75%. What makes it possible, according to the startup'southward CEO, David Lighton, is RippleNet's On-Demand Liquidity (ODL) technology.

With ODL, RippleNet'southward users can utilize digital token XRP to bridge ii currencies in iii seconds. "We tin now source liquidity, on-demand and depress those transaction costs past up to 75%," said Lighton, and further added that the house managed to reduce charge upward to 2%.

Blockchain payment network enhancement

SendFriend joined the RippleNet payment network in January, along with other financial manufacture players such as JNFX, Transpaygo, FTCS and Euro Exim Bank. In February, SendFriend received $ane.vii million in investments from Ripple, the Mastercard Foundation, MIT Media Lab and Barclays amid others in a funding round.

In late July, Chile-based peer-to-peer remittance company CurrencyBird besides joined RippleNet. The partnership ostensibly allows CurrencyBird to add new routes to its more than fifty already existing destinations, new currencies, better prices and faster transfer speeds.

That same calendar month, in a bid to drive greater financial inclusion, Philippines-based UnionBank launched a payments-focused stablecoin pegged to the Philippine peso.