Bitcoin, Crypto currency, Blockchain

SendFriend: remittances to the Philippines by xRapid soon cheaper

SendFriend from New York for cost-effective money transfers to provide to the Philippines. By using Ripples xRapid should be covered by the transfer fees for international money transfers to three per cent.

About the Start of xRapid we reported already in several Places. The intention was to make cross-border transactions in both cost-effective and faster. With SendFriend a young company goes to the startup, whose goal is to integrate the Philippines as one of the first countries in the new Payment Service from Ripple. Thus, the fourth company, the xRapid used SendFriend.

Said target group of guest workers from the Philippines. These had to rely until now on the expensive Payment Services such as Western Union or MoneyGram.

For cross-border credit Transfers was xRapid particularly well suited, says SendFriend-chief financial officer David Anderson. Compared to American Banker Anderson commented as follows:

“[The use of xRapid] enables us in the Backend to be using our capital more efficiently. The transactions are transactions of real-time, so we need to make any pre-financing. We have to Park any money in the reception corridor, and then the foreign currency risk to manage.“

Crypto-Use-Case Transfer Fees

Crypto-currencies have the potential to advance financial inclusion from developing countries. Due to the comparatively low transaction fees of crypto-Transfers are suitable to send money to relatives, without being in possession of a Bank account. So far, fees of up to 20 per cent for international cash shipments due.

Ripple in the crypto scene currently causing a stir. With xRapid and the Telegram-Bot XRP Text go to two projects at the Start, the preparing, the great crypto-promise of financial inclusion to redeem. Now, it is important to lay the necessary infrastructure.

That xRapid must, however, develop even further, is expected by the following statement of the Western Union CEO, Ersek Hikmet:

“It is criticised time and again, Western Union is not cost-effective. In our Tests, [xRapid] we have seen no improvement in this area.“

Behind SendFriends well-known companies from the financial sector, such as MasterCard, Barclays and Deloitte. So it pays to watch the project continue.

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