Platform for cash payments, created with the support of the Media lab at the Massachusetts Institute of technology, Mastercard and Ripple will use the decision xRapid from Ripple to reduce the cost and improve the efficiency of cross-border payments.
SendFriend will allow migrant workers from other countries cheap to send money home. The platform will be launched this year, and its target market will be the Philippines . The project, which was awarded the MIT Media Lab Translational Innovation Alliance was developed at the Massachusetts Institute of technology CEO and founder of platform David Latona.
In the words of Layton, xRapid offers a new level of efficiency for financial institutions.
– This allows us on the backend more efficiently manage capital. Translations are made in real time, so we don’t need pre-financing, we don’t need to have money on the other end of the corridor, testing the currency risks. We can transfer money immediately after the previous transaction, said Layton.
The platform is designed for the millions of migrant workers who because of the traditional transfer system are forced to pay more for international money transfers.
Among the major sponsors of the company is Barclays, Techstars, Ripple, Media lab Massachusetts Institute of technology, Mahindra Finance and the MasterCard Foundation.
Recall the Ripple xRapid product is intended for use XRP for fast cross-border transactions between financial institutions.
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