Ripple, the company that is changing the remittance industry and the banking sector just announced that their partnerships with banks and other financial institutions have exceeded more than 200.
Ripple has been busy the whole of 2018 and as per their recent blog post they have announced new partnerships with 13 financial institutions namely, Euro Exim Bank, SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND and Rendimento.
The blog stated:
“JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will leverage the digital asset XRP to source liquidity on-demand when sending payments on behalf of their customers.”
For banks and financial institutions that are hesitant in using the digital asset, XRP, Ripple is providing them with their technology and modern APIs for immediate settlement and more transparent payments.
Brad Garlinghouse, CEO of Ripple stated:
“In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity.
At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world.”
Moreover, notable people at Ripple were extremely happy with this accomplishment which was clearly visible through their tweets.
Brad Garlinghouse tweeted:
Dilip Rao, the Global Head, Infrastructure Innovation at Ripple tweeted:
“200 Production Clients – amazing milestone for @Ripple ! The run rate of 100 new clients signed in 2018 shows product:market fit – #0doubt #xrpthestandard”
Asheesh Birla, the SVP, Product at Ripple tweeted:
“Nothing inspires our teams at Ripple than more customers building and expanding their business using Ripple products! Excited to further accelerate this in 2019!”
There have been some speculations in the Twitter community about the prices of XRP shooting up soon as Brad Garlinghouse mentioned that some of their customers are using XRP.
Elliot Hancock tweeted:
“I’m finding it hard to see what positive news other than regulatory clarity from the states will move the price of XRP forwards. Either way that’s fine for me and in the meantime happy to watch the Ripple team go from strength to strength.”
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SendFriend goes live in New Jersey; prepared to take on a $11 billion remittance corridor with Ripple
SendFriend, a next-generation remittance service that focuses on cross-border payments between the U.S. and the Philippines, today announced that it had gone live in the state of New Jersey, via a Twitter announcement.
We’re all excited for our launch, and today is the Day (for New Jersey)! Join thousands of Filipinos and come out to the Philippine American Friendship Committee Parade and check out our booth – We will be here all day! pic.twitter.com/PkcrGChwZ9
— SendFriend (@sendfriendinc) June 23, 2019
Ripple and SendFriend’s partnership was announced in late 2018, with the CEO of the latter, David Lighton, expressing his excitement at a Barclays Event in 2019. At the same event, Lighton also confirmed that SendFriend would be using Ripple’s xRapid payment solution that leverages XRP as a liquidity provider.
There is approximately $11.09 billion transferred between the U.S. and the Philippines in remittances every year. These largely use traditional payment methods that are slow and less efficient, when compared to newly developed blockchain-based solutions. The chart below shows the flow of remittances into the Philippines, with the U.S. accounting for the highest volume.
By using Ripple’s xRapid payment solution, money can easily be transferred in a few seconds. Not only does this save millions in fees by taking away middlemen, but it is also less time consuming.
Although xRapid has slashed fees and time for cross-border payments drastically, it has not gained traction due to a lack of regulatory clarity around cryptocurrencies. On February 11, 2019, SendFriend had announced the provision of an option for Overseas Filipino Workers [OFW] to send money “securely and reliably” across borders, with fees that are “65% lower than the industry average” in one “seamless flow.”
David Lighton had said,
“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families… This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”
A Twitter user @mister_pace, commented,
“Based on these rates. You save about $13 to send 1000 using SendFriend over The next lowest MoneyGram”
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