Earlier today, Ripple released two extended versions of their latest Ripple Drop episode on their official Youtube channel. In one of the extended interviews, Asheesh Birla, SVP of Product at Ripple, spoke about the customer feedback, especially for xRapid.
Asheesh Birla started by speaking about accomplishments of Ripple’s product team. The SVP of Product stated that the collab of xRapid and xCurrent as one of the biggest achievements, remarking that the team “wanted to make all the products work better with each other.” He said:
“And then of course xVia, you know, a lot of traction, especially over the last couple of quarters, getting that product live and also making xVia work with xRapid, another big win – To round out that experience.”
Following this, Birla elucidated about the customer feedback the team has been receiving, especially for xRapid. He stated that Ripple’s customers are demanding for a lot more places/destinations. He added that the customers are looking forward to more xCurrent deployments as they can reach into “some of the hardest, most difficult places to send payments”. Whereas, with xRapid, customers want faster on-boarding experience. He added:
“And what that means is that they want to be able to go and light up new corridors faster with xRapid because they know, as soon as that product is in their flows they can not only save money but offer their customers a better experience because of the speed and cost savings with xRapid.”
Furthermore, the SVP of Product gave insights on how 2019 would turn out for Ripple and its products. He stated that the team’s goal is to increase the adoption of xRapid, especially bring it to the “corridors” which have the required regulatory clarity and are also looking for solving the “big pain points” for their customers.
“And the other thing is, xCurrent gives reach and we are looking forward to pushing the product into more destinations and so the focus is send more destinations to payments as well.”
Additionally, Ripple announced that there are over 200+ well-known financial institutions for RippleNet, with thirteen new customers who joined the list recently. This included BFC Bahrain, ConnectPay, Euro Exim Bank, Rendimento, and Olympia Trust Company.
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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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