Marcus Treacher, SVP of Customer Success spoke about the whether RippleNet’s customers were following the lead of Santander, in the extended interview of the latest The Ripple Drop episode. He also spoke about what RippleNet’s customers have been able to do with the services provided to them.
Treacher started by speaking about the key milestones of Ripple through 2018. He stated that it was the year when RippleNet really “came to life”, adding that the team has built the network to connect to 40 countries around the world. RippleNet is a network of banks, payment providers and other financial institutions, deploying the solution offered by Ripple, thereby enabling efficient payment services for the customers connected on RippleNet. He said:
“We went live with some of the largest banks and most creative payment companies and we really started to bring the whole payment vision of Ripple to life. That’s a really really big deal.”
He went on to say that in the same year, the team defined the RippleNet community, a book of rules that banks and payment companies worked with the use of Ripple services. Marcus further added that these financial institutions can work together, discover new partners and new counter-parties, following which the network will start to build on its own. He said:
“When you do that kind of thing let’s ring it tipping point that’s what the flywheel starts to really turn and we’re seeing a great shift in how our customers are behaving in 2018”
This was followed by Treacher speaking about the various things Ripple’s customers have been able to do with RippleNet for the end users. For this, he quoted Santander’s payment service, One Pay FX as a fine example, adding that Ripple is driving the solution, thereby helping the bank’s retail customers “get a really excellent payment experience” while making payment to their friends and family around the world.
Furthermore, the SVP of Customer Success spoke about whether other customers are following Santander’s lead in terms of creating applications and services for their direct customers. He stated that the team is currently using the learning and know-how of Santander into helping their other customers develop “winning propositions for their own apps” and their instant banking services. He said:
“So, for example CIMB went live very recently with Ripple embedded in their speed […] transfigure in the UK has implemented Ripple within their payment app. What’s this doing it’s creating a true global network of blockchain powered payment capability and that’s starting to bring the internet of value to life”
Subscribe to AMBCrypto’s Newsletter
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”
Subscribe to AMBCrypto’s Newsletter