SendFriend, a partner of Ripple and a startup that focuses on improving cross-border payments has received a whopping $1.7 million in funding during its first round of investment.
The next-generation remittance company focuses on the smartest way to send money to the Philippines which will help overseas Filipino workers to securely transfer USD to PHP at the lowest rate available via SendFriend. The news of the investment was published on MarketWatch and informed that the capital raised was led by companies like 8 Decimal Capital, Techstars, 2020 Ventures, Barclays, MIT Media Lab etc.
Migrants in the U.S. who send home money via traditional methods usually face problems like delayed payments, high fees and sometimes, the payment doesn’t go through. Moreover, out of $650 billion in remittance transaction occurring in the U.S., $45 billion is lost in fees.
Furthermore, MarketWatch stated:“SendFriend will launch as the only option for OFWs to securely and reliably send money internationally with fees that are 65% lower than the industry average as it replaces the frictions and fees of the banking system with one seamless, ultra low cost experience to send money globally.”
SendFriend uses Ripple’s xRapid payment solution to facilitate cross-border payments. XRP provides the liquidity needed to make the transaction happen. xRapid transactions occur as a result of converting USD to XRP, which is then sent via exchanges, thus circumventing banks and FIs and the XRP is then converted back to PHP via the exchange in Philippines.
Earlier this year, CEO David Lighton had said,We leveraged the blockchain to create an instant digital money transfer service, a full 65% cheaper than the industry’s average. SendFriend is the US’ first fully compliant international consumer payment solution built on the blockchain and we are going live in Q1.”
SendFriend was founded by people at MIT and was also accepted into Barclays Accelerator Program, powered by Techstars. Moreover, SendFriend plans to launch in New Jersey but, will soon be available to OFWs in other states via desktop and mobile as well. In addition, users can also request to get an early access version of the same.
Ripple: A New Reality Unfolds: Announcing Swell 2019 Keynote Speakers
Today, we are thrilled to announce Dr. Raghuram Rajan, former Governor of the Reserve Bank of India and Distinguished Professor of Finance at the University of Chicago, and Kamal Quadir, CEO of bKash as our 2019 Swell keynote speakers.
The invite-only conference—hosted in Singapore, Nov. 7-8—brings together the world’s most trusted voices across financial services, payments, technology and policy to explore the new reality unfolding in global payments—and why it matters. Applications to attendare now open.
Swell’s opening keynote Dr. Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. Previously, he was the 23rd Governor of the Reserve Bank of India and earlier Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund (IMF). Dr. Rajan is considered a key visionary behind India’s early adoption of mobile banking. His brainchild, the Unified Payments Interface (UPI) that launched in 2016, is revolutionizing peer-to-peer payments and helping usher in India’s migration to a more digital society.
Our closing keynote, Kamal Quadir, is a practitioner who focuses his efforts on technology that brings about social progress by enabling people to advance economically. He is the CEO of bKash, a digital financial service that offers millions of unbanked and underbanked people access to financial services through basic cell phones or smartphones in Bangladesh. Earlier Quadir founded CellBazaar, a communication company that has introduced a cellphone-based electronic marketplace for developing countries.
Advancements in mobile technology are bringing financial inclusion and economic opportunities to emerging markets, but digital transformation at scale requires thoughtful regulation that protects consumers while fostering innovation. At a time when groundbreaking technology and regulation were on a potential collision course, Dr. Rajan and Quadir’s work ushering in a digital society brings to mind the efforts from our 2018 Swell keynote, former President Bill Clinton. As the internet took flight in the 1990’s, President Clinton worked to establish programs that would bridge the “digital divide” and bring new technology to underserved communities around the world.
We are at a similar moment in time. Today, digital assets and blockchain technology are impacting daily life. Financial institutions can deliver on the promise of instant, reliable cross-border payments—offering a better, lower-cost service to millions around the world.
This year, Swell includes a bold roster of payments experts and industry luminaries to discuss trends, successful blockchain implementations and real-world use cases for digital assets. Our speakers will share learnings about how today’s leading financial institutions are meeting growing customer demands for better, more accessible global payments.
Now is the time to change how the world moves money. The future that leaders across financial services, payments and technology industries have been envisioning for almost a decade is now here. What can we expect as this new reality unfolds? Find out at Swell.
Be sure to check Ripple Insights for updates. We will be announcing the agenda and even more speakers in the coming weeks. See you in Singapore!
Following Surge In Volume, Santander Makes Move To Magnify Ripple-Powered Payments
Ripple News Today – Santander Group, one of the major banking corporations in the world, will be growing the use of Ripple’s services, by hosting the Ripple powered remittance service, One Pay FX in Latin America. The banking hulk from Spain is constructing a payment hallway, which would allow users Latin America to send and receive money to and from the United States, using Ripple’s technology. The recent Ripple price analysis shows that Ripple, which was the slacker for many months, is finally taking a bullish turn. XRP/USD has exceeded $0.2846, which is the merging of the SMA 10-1d, the former monthly low, the SMA 100-15m, and the previous monthly low. The line now acts as support.
Quoting growing transaction volume, Santander desires to increase Ripple’s xCurrent technology to several Latin American countries after first presenting the technology in Spain, Brazil, Poland and the United Kingdom in April 2018. Particularly, the bank plans to allow zero-fee transactions from unnamed Latin American countries to the United States via a mobile app called One Pay FX. To date, only customers in the U.K. and Spain can send money to the U.S. through One Pay FX.
Built on Ripple’s xCurrent technology, One Pay FX is autonomous from XRP and does not need the digital currency to work. The Santander spokesperson explained in a recent Ripple news update, they added: “XCurrent does charge for the service. Santander is the one that does not charge fees with its solution. Santander has always used xCurrent for One Pay FX, which does not need XRP to work.” Santander’s One Pay FX transaction volumes have increased from January 2019 to June, while volumes for Spain rose 120% over a yearly period in April. But while Santander has not publicized when it expects to start launching out the technology to Latin America, the bank purportedly plans to bring One Pay FX solution to the U.S. to allow American customers to send money abroad. “Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering,” Cedric Menager, CEO of One Pay FX, explained.
Unlike the SWIFT messaging system that banks traditionally have used to make international transfers, One Pay FX on xCurrent is instant, has no fees and gives users a view into currency exchange rates before they send money, Menager said.
Apart from One Pay FX, Santander is also creating another international payment service called Pago FX, which will be accessible for global non-Santander clients. Lately, an executive at the U.K. pension and welfare agency mentioned Santander’s One Pay FX solution as one of the instances of successful blockchain applications that can unsettle the payments industry.
Spanish bank Santander eyes Ripple-powered payments expansion in Latin America
- One Pay transactions tripled in six months while transactions in Spain soared 120% in one year.
- The launch in Latin America countries will enable transfers to the United States.
Santander, a Spanish banking behemoth was among the early adopters of Ripple-powered global payments. Interestingly, the bank has reported a significant increase in transaction volume warranting a need to expand the service to other regions.
According to Cointelegraph, the bank plans to launch Ripple’s xCurrent in several Latin America countries. This follows the launch of the payment service in Spain, Brazil, Poland, and the most recent United Kingdom.
Santander wants to introduce zero-fee transfers on its xCurrent-powered FX in the Latin America countries to facilitate transfer to the United States. Notably, One Pay operates independently of XRP. A spokesperson told Cointelegraph:
“XCurrent does charge for the service. Santander is the one that does not charge fees with its solution. Santander has always used xCurrent for One Pay FX, which does not need XRP to work.”
A report published by CoinDesk says that Santander’s One Pay FX transaction volumes tripled from January 2019 to June 2019. Moreover, the transactions in Spain soared 120% in just one year by April 2019. The launch of One Pay FX in the Latin America nations date has not been communicated.