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Ripple: a New payment platform, integrated xRapid in order to save costs

Ripple: a New payment platform, integrated xRapid in order to save costs

Home News Ripple: a New payment platform, integrated xRapid in order to save costs

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Marcel Knobloch –
05.11.2018

The adaptation of the block chain technology is advancing daily, as more and more companies recognize the potential, as well as the resulting opportunities. A new payment platform has integrated Ripple’s enterprise software xRapid, in order to reduce the cost of cross-border payments.

The payment platform SendFriend (https://www.sendfriend.io/), which is supported by the mit Media Lab, Barclays, Ripple, Techstars, as well as Mastercard will not integrate xRapid in the internal process, to not only save costs but also to increase the speed and security of transactions.

The other companies plan provides that SendFriend yet launched later this year. The platform is mainly aimed at the Philippines-based individuals who want to quickly and conveniently send money to their family members. The project was awarded with the mit Media Lab, Translational Innovation Alliance Award, because there are the people who have no access to banking services, an opportunity to move financial resources across borders.

David Lighton, CEO of the company, that xRapid provides a new level of Efficient and people as well as companies offering the opportunity to work more effectively with their capital (freely translated):

As a result, we can work with our capital more efficiently. This is real-time reports, so we do not need to make pre-financing, we need to Park any money in the reception corridor, and then the currency risk, and taxes. We can make it easy, while the transactions go through.

The durchschnittlihen transaction costs in the case of Western Union, at 7%, whereas SendFriend this value drastically wants to reduce to 2% to 3%. Lighton has worked for several years at the world Bank and had to realize that it’s incredibly difficult to send money in an emergency from one place in the world to the other end. Often the cost for “lightning transfers amount to” more than 10 or 20 US dollars, although the actual transfer amount is 500 US Dollar. This is not, and cannot be, according to Lighton, if financially disadvantaged people need to quickly send money to their relatives.

Ripple to handle this fact in a new advertising video. Here, it is shown that it is faster to grab the money in the backpack, to get on a plane and fly to the target, to hand over the money to the recipient. This is often faster than international Transfers.

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