SendFriend CEO David Lighton Confirms Application Of Ripple’s xRapid For Its Payment Service System
SendFriend Confirms Application Of Ripple’s xRapid
Ripple has recently signed a partnership with the US-based company SendFriend that will start using Ripple’s latest product xRapid. Ripple has recently revealed that it has reached agreements with more than 200 customers worldwide.
According to SendFriend, the current banking system is not offering the services that the company needs. In an official video released, David Lighton CEO of SendFriend, explained that they are the first fully US compliant international consumer payment solution that is built on top of blockchain. He has also mentioned that they are going live during the first quarter of 2019.
Sendfriend (a newly announced xRapid customer) will go live with their service in Q1, 2019
David Lighton, CEO of Sendfriend
— Steven Bull From the Diep (@DiepSanh) January 9, 2019
According to Mr. Lighton, other services such as Western Union, send money abroad through different banks, and all of them receive a fee that the customer pays. This is why they have one of the lowest Customer Satisfaction scores in the world.
Using SendPay it is possible to send funds around the world in real time using blockchain technology. This is very secure and less expensive. Ripple has also supported SendFriend’s marketing expenses giving the company $1 million.
David Lighton commented about the partnership with Ripple:
“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.”
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
SendFriend aims at helping workers from the Philippines to send and receive funds without having to pay large sums of fees. Other institutions that are now working with Ripple are Euro Exim Bank, ConnectPay, JNFX; FTCS, Ahli Bank of Kuwait, Transpaygo and many others.
At the moment, there are between 2 and 3 companies signing agreements with Ripple every single week. Ripple offers the possibility to financial companies and banking institutions to send and receive funds in just a few minutes without having to be worried about long transaction times and high fees.
Additionally, some companies, including SendFriend, Transpaygo and Euro Exim Bank will also be leveraging the cryptocurrency XRP to source liquidity on-demand when sending payments on behalf of their customers.