- SendFriend a money transfer firm which utilizes Ripple’s technology, claims to save up to 80% in remittance fees to the customers.
- SendFriend uses RippleNet’s On-Demand Liquidity (ODL) technology to save the remittance fees.
According to a blog post published on Dec 12, a money transfer firm SendFriend utilizes Ripple’s technology to save up to 80% in remittance fees to the customers.
More than $45 billion was spent last year in fees on remittance services by the migrants all over the world.
“Companies like Western Union can charge up to 10% to service a payment—we can get it done for 2%,” said David Lighton, co-founder and CEO of SendFriend, at Ripple’s University Blockchain Research Initiative (UBRI) Connect Conference on Thursday.
ODL enables RippleNet customers to use the digital asset XRP to bridge two currencies in three seconds.
“What’s fabulous about blockchain and what Ripple’s product brings to the table is that you remove the need for that working capital. We can now source liquidity, on-demand and depress those transaction costs by up to 75%,” said Lighton.
According to Lighton, “There are four big markets in the world for remittances: India, China, Philippines and Mexico. The Philippines by far are the most forward thinking. I think the regulators have done a great job by not having aggressive capital controls… including around digital assets specifically. The Philippine regulators understand that there is potential to help with financial inclusion.”
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