Intermediary company money payments SendFriend will use xRapid for expedited transaction processing. A startup that focuses on Filipinos living abroad, will start working already this year thanks to a grant from the MIT Media Lab Translational Award Innovation Alliance and investment by Mastercard.
According to the CRO of the company, David Anderson, SendFriend primarily differs from the traditional monetary intermediaries low charges. So, on average, the market charges account for about 7% of the amount transferred, while SendFriend will charge from 2.5% to 3%. He added:
“This allows us to more effectively leverage capital. Since the settlement is done in real time, no need to pre-provision or “armor” in the payment corridor before conversion, with all the inherent risks. We can handle [the] one in the course of the transaction”.
In addition to MIT and Mastercard investors SendFriend steel Barclays, Techstars, the very Ripple and Mahindra Finance. First, the client transfers to the Philippines will be shipped from new Jersey (USA) via a special application. Currently SendFriend is in the process of obtaining a license for monetary intermediation in each US state.
Ripple for cooperation with a monetary intermediary can be one of the key factors of mass distribution and increase speed. Also recently became aware of the fact that Canada started cryptocurrency exchange that uses XRP as the underlying asset.