Ripple-Based Remittance Firm SendFriend Claims to Save Up to 80% in Fees

Blockchain-based money transfer startup SendFriend utilizes Ripple’s technology to save up to 80% in remittance fees, according to a blog post published on Dec. 12. SendFriend uses Ripple’s xRapid product for cross-border payments, converting between the United States dollar, XRP and Philippine pesos and circumventing the longer process of traditional banking systems.

Philippines-focused remittance platform SendFriend’s money transfer app aimed at reducing annual remittance fees for cross-border Filipino workers claims to lower such transaction costs by up to 75%. Blockchain payment network enhancement SendFriend joined the RippleNet payment network in January, along with other financial industry players such as JNFX, Transpaygo, FTCS and Euro Exim Bank.

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