Collaboratively, the payments platform by MIT, MasterCard and Ripple are ready to integrate xRapid. This new project is Sendfriend and will launch this year. They are focusing the Philippines to allow people with a cost-effective way for transferring money from anywhere.
This project, SendFriend has been the winner of the MIT Media Lab Translational Innovation Alliance Award. Mainly, it came into existence by David Lighton at MIT, the CEO of the company. Considering how this collaboration can make an exclusive difference in the payment sector, Lighton says,
That allows us on the back end to be more efficient with our capital. These are real-time settlements so we don’t have to do pre-funding, we don’t have to park money in the receiving corridor and then manage the foreign exchange risk. We can just do it one by one as the transactions go through.
This platform is especially for all the migrant workers who overpay for IMT (international money transfers). This reason lies behind Ripple’s latest partnership. Their core intention is to streamline and give workers a hassle-free service. However, the project is yet to deploy within a live setting. The estimation says that the first testing phase will commence relatively soon.
Ripple has been working on its performance to boost up technically. At the time of writing, Ripple (XRP) is trading at $0.52 (12.88). It shows a slight high pitch of value in comparison to the recent market value.
The last section worth mentioning about some current financial backers- SendFriends includes
- Mahindra Finance
- MasterCard Foundation
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