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Ripple based money transfer startup SendFriend is supposed to save 80% remittance fees. David Lighton, the co-founder and chief executive of SendFriend explained how XRP impacts the payment process. As per Lighton, traditional money transfer firms usually charge up to 10 percent of the total amount being transferred from end to end. However, when SendFriend’s customers use XRP money transfer, the percentage is reduced to 2%. To increase the speed and reduce the cost of this process, the platform leverages RippleNet’s On-Demand Liquidity (ODL).
The Platform uses Ripple’s xRapid product for cross-border payments, converting between the United States dollar, XRP and Philippine pesos.