SendFriend, a blockchain empowered payment platform used for sending money to the Philippines, is now set to transform the way people in the U.S transfer money to the Philippines.
Launching today in New Jersey, the futuristic company aims to make money remittance much faster, secure and cheaper for foreign Filipino workers.
One of the biggest industries in the U.S, cross-border payments in the country are long known to be dominated by large banks, guzzling down high transaction fees from users.
Last year, out of the six hundred and fifty billion dollars ($650 billion) worth of remittance was made to the Philippines, out of which, a whopping forty-five billion dollars ($45 billion) were consumed by conventional payment methods.
End of the banking monopoly
Striking down this billion-dollar industry monopolized by traditional banks, SendFriend plans on deploying Ripple’s xRapid, a blockchain-empowered solution to minimize transactional costs, for international remittances.
With an XRP-based solution that converts USD to XRP to Pesos in a matter of seconds, users can not only dodge the conventional banking systems and their exorbitant fees but also carry out transactions within seconds, as opposed to days. This takes the remittance technology platform to a new level altogether!
How SendFriend came into existence
SendFriend’s CEO David Lighton, realized the need for a secure and economical money transfer system during the Haiti earthquake in 2010. At that time over seven percent (7%) of financial aid was eaten up by banks.
His ground-breaking innovation SendFriend, received the prestigious MIT Legatum Fellowship award and regarded as the next big thing in money remittance sector. For the millions of overseas Filipino migrants in the US who overpay for inter-country money transfers, SendFriend certainly comes as a welcome change!