Ripple/XRP: Mercury FX completes first commercial payment to Philippines using xRapid

Ripple’s plan to emerge as a leader in the field of global payments settlement were boosted after its partner, Mercury FX, successfully completed a cross-border payment to the Philippines on February 5, 2019.
Mercury FX tweeted,
“Mercury has just made history and completed the first ever commercial payment using #xRapid to the Philippines… The payment was made for an individual client to pay for his honeymoon at the @edgewaterdive Spa Resort in the Philippines.”
The company further mentioned that they were open for business for payments to two countries, Mexico and the Philippines. The fact that the movement of cryptocurrency payments between the two countries was processed within seconds suggested that the technology around payments is radically improving.
According to Mercury FX’s tweets, people can now send money by opening an account that supports over 40 currencies. However, any such payment has to be over £5,000 for it to be profitable.
At the recent Ripple Regionals conference, Alastair Constance, the CEO, and founder of Mercury FX, stated,
“We did our first live commercial payments a couple of weeks ago. So we are now making payments for a UK corporate to Mexico to import Mexican food. And they are moving a lot faster than payments would go through Swift, at a much lower cost…”
Constance revealed the company’s future plans at the same conference, which involved the expansion of their xRapid corridors by setting up shops in the Middle East and Canada.
Apart from Mercury FX, banks in the UAE are already gearing up to establish xRapid corridors, according to Mohsen Al Zahrani, VP Strategy & Excellence at Saudi Payments. He also said that two banks in the UAE will be going live soon. SendFriend, another startup that focuses on cross-border payments to the Philippines to help overseas Filipino workers is already using xRapid.
@sarcasticlegend, a Twitter user commented,
“But wouldn’t it have been easier for him and the spa to both prefund a lightning channel…send 20-30 smaller payments to not clog the system (so it had a good chance of going through) and wait 24 hours praying a node didn’t go offline during the transaction?
What’s the hurry?”
A Twitter user @kalycabos tweeted,
“congratulations and welcome to the new era of cross-border transactions business!!!”
The post Ripple/XRP: Mercury FX completes first commercial payment to Philippines using xRapid appeared first on AMBCrypto.
Source: AMB Crypto

Ripple, Mastercard and Others Invest $1.7 Million in XRP-Based Remittance Startup SendFriend

CoinSpeaker

Ripple, Mastercard and Others Invest $1.7 Million in XRP-Based Remittance Startup SendFriend

SendFriend plans to serve overseas workers from the Philippines, using XRP and Ripple’s xRapid product for cross-border settlements. It is also going to launch in New Jersey.

Ripple, Mastercard and Others Invest $1.7 Million in XRP-Based Remittance Startup SendFriend

Continue reading at Coinspeaker
Source: CoinSpeaker

Ripple, Barclays Invest $1.7 Million in Remittance Start-Up Using XRP

While Ripple and its token XRP are changing the way cross border remittance industry works, it is also backing young start-up which shares the same vision of disrupting the payments industry. According to the latest announcement, Ripple has joined hands with Barclays and Mastercard to infuse $1.7 million funding for remittance start-up SendFriend.
SendFriend envisions to open services in New Jersey
SendFriend is a start-up founded at MIT by a group of individuals with a background of working at The World Bank and MoneyGram. The remittance start-up plans to start operations in New Jersey and envisions to open its first remittance corridor between the United States and The Philippines.
The company, which came out of Barclays‘ accelerator programme, has got into an agreement with Ripple to use XRP tokens as a liquidity vehicle for cross-border payments, allowing SendFriend to bypass the corresponding banking system and convert USD to XRP to PHP in a matter of seconds.
The other investors that have joined Ripple in this round of funding include MIT Media Labs, TechStars, Mahindra Finance, 2020 Ventures, and 8 Decimal Capital.
While the services are yet to go live, SendFriend mentions that it plans to cover the whole of the United States in short term and it plans to offer its services via desktop and mobile apps.
In its funding announcement, SendFriend claimed that it will offer 65 percent lower fees compared to the industry average for international money transfers, as blockchain “replaces the frictions and fees of the banking system.”
The start-up is in the process of hiring its team, community engagement, and marketing.
Speaking to media SendFriend’s co-founder and chief executive officer David Lighton said
“XRP is used as a liquidity vehicle for cross-border payments, enabling SendFriend to circumvent the corresponding banking system and convert USD to XRP to PHP [Philippine peso] in a matter of seconds.”
From the investors side, Yuan Ruan, founder of 8 Decimal Capital mentioned “This is a highly competitive space with longtime incumbents, but we are confident in the success of SendFriend,” “SendFriend has a good combination of an experienced team, large $650 billion remittance market, investors that provide more than just capital, and a growth strategy focused on more than revenue from transactions including APIs and white-label solutions.”
With XRP’s support, SendFriend would try capturing the Filipino population that is currently staying and working in the United States. If its able to achieve its vision, SendFriend could gain a lot of market share in the remittance industry
What is your view on SendFriend? Do let us know your views on the same.
The post Ripple, Barclays Invest $1.7 Million in Remittance Start-Up Using XRP appeared first on Coingape.
Source: CoinGape

XRP and Ripple Stand to Benefit if the World Bank and McKinsey Projections are True

Ripple prices are stable but bullish
SendFriend receives $1.7 million from Ripple and three other companies
Transactional volumes are unexpectedly low four days after Feb 8 expansions

Despite Cory Johnson exiting the company, XRP is stable as Ripple invests in SendFriend. XRP prices stand to break above significant resistance levels. What we would like to see is first prices printing above 34 cents as bulls of Jan 30, and Feb 8 are confirmed.
Ripple Price Analysis
Fundamentals
Let’s crunch in some numbers. In 2016, the World Bank estimated that workers from all over the world would remit $575 billion. Out of this, remittance to developing countries would make up $429 billion.
It is from these developing countries like the Philippines where SendFriend plans to open a payment corridor linking the country with the US. As impressive as it is, these statistics confirm previous findings from Mckinsey. In their 2015 report, they projected that by 2020, the global movement of funds would generate an approximate $400 billion as new payment rails improve efficiency and drastically slashing down costs.
They go on and say that despite scrutiny of distributed ledger technology, analysts postulate that blockchain technology will be extraordinarily vital and shaping not only in banking but payments in particular. Their projections seem to be coming true. Trending news has it that SendFriend has received a $1.7 million in capital from Ripple and two other companies. Their objective is to reduce fees by a whopping 65 percent.
Candlestick Arrangements

Four days after expanding, XRP prices are stable. There is no discernible movement in the last few days. As visible from the charts, prices are oscillating within a tight trade range inside Feb 8 high low. Like in all our previous XRP/USD price analysis, we maintain a bullish outlook expecting confirmation of Feb 8 bulls.
After all, buyers are in control in an effort versus result point of view. Besides, the double bar bull reversal pattern of Sep 2018 is now valid courtesy of bull bars of mid-Dec 2018, those of Jan 29-30 and on Feb 7-8. Any surge above 34 cents would trigger a bull run that would eventually propel XRP towards 60 cents.
Technical Indicators
In the short-term, we retain a bullish outlook. However, for this position to be correct, prices must first print above 34 cents as aforementioned. That means XRP prices should rally and register possible double-digit gains. Backing this surge should be high volumes exceeding recent averages of around 15 million and even 42 million of Jan 30.
The post XRP and Ripple Stand to Benefit if the World Bank and McKinsey Projections are True appeared first on NewsBTC.
Source: New feedNewsBTC.com

Ripple partner and startup raises a whopping $1.7 million in funding to improve cross-border payments

SendFriend, a partner of Ripple and a startup that focuses on improving cross-border payments has received a whopping $1.7 million in funding during its first round of investment.
The next-generation remittance company focuses on the smartest way to send money to the Philippines which will help overseas Filipino workers to securely transfer USD to PHP at the lowest rate available via SendFriend. The news of the investment was published on MarketWatch and informed that the capital raised was led by companies like 8 Decimal Capital, Techstars, 2020 Ventures, Barclays, MIT Media Lab etc.
Migrants in the U.S. who send home money via traditional methods usually face problems like delayed payments, high fees and sometimes, the payment doesn’t go through. Moreover, out of $650 billion in remittance transaction occurring in the U.S., $45 billion is lost in fees.
Furthermore, MarketWatch stated:
“SendFriend will launch as the only option for OFWs to securely and reliably send money internationally with fees that are 65% lower than the industry average as it replaces the frictions and fees of the banking system with one seamless, ultra low cost experience to send money globally.”
SendFriend uses Ripple’s xRapid payment solution to facilitate cross-border payments. XRP provides the liquidity needed to make the transaction happen. xRapid transactions occur as a result of converting USD to XRP, which is then sent via exchanges, thus circumventing banks and FIs and the XRP is then converted back to PHP via the exchange in Philippines.
Earlier this year,  CEO David Lighton had said,
“We leveraged the blockchain to create an instant digital money transfer service, a full 65% cheaper than the industry’s average. SendFriend is the US’ first fully compliant international consumer payment solution built on the blockchain and we are going live in Q1.”
SendFriend was founded by people at MIT and was also accepted into Barclays Accelerator Program, powered by Techstars. Moreover, SendFriend plans to launch in New Jersey but, will soon be available to OFWs in other states via desktop and mobile as well. In addition, users can also request to get an early access version of the same.
The post Ripple partner and startup raises a whopping $1.7 million in funding to improve cross-border payments appeared first on AMBCrypto.
Source: AMB Crypto

Ripple’s xRapid customer SendFriend will go live by Q1 in 2019, says CEO David Lighton

To celebrate the start of another great new year Ripple announced that it had partnered with more than 200 financial institutions and banks which will eventually use Ripple’s services.
In the same announcement Ripple also announced that five [JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank] of these 200 partners had agreed to leverage the digital asset, XRP to source liquidity and facilitate real-time cross-border payments.
SendFriend, one among those announced five partners’ CEO David Lighton has confirmed that their xRapid services will go live in Q1 2019 at a Barclays’ Accelerator event. The tweet stated:
“We leveraged the blockchain to create an instant digital money transfer service, a full 65% cheaper than the industry’s average. SendFriend is the US’ first fully compliant international consumer payment solution built on the blockchain and we are going live in Q1.”
Furthermore, SendFriend tweeted:
“The existing correspondent banking system is slow, inefficient and costly. We are excited to partner with @Ripple to solve these problems—to offer our customers a cheaper and faster way to send money to the Philippines.”
The CEO also mentioned that Ripple had contributed $1 million to SendFriend to support marketing expenses which might have come from RippleNet’s accelerator program which usually supports early adopters of its technologies.
Garlinghouse stated that he expects “a dozen of ” banks that will go live and use xRapid in 2019.
@XRPYoda commented:
“Nice find bro this for sure will make @WesternUnion @MoneyGram think twice. looks like you have new companies nipping at your ankles watch you don’t become a blockbuster to a Netflix .
Adopt now I would hmmmmm
#xrp #xrpcommunity”
@TraderNaked commented:
“Wonder if @Ripple gave them $1Mil or $1mil worth of xrp. Could explain why Ripple holding 60% of Xrp, maybe they giving to all their partners. We need more clarity #Xrp”
Leonidas replied to Naked Trader:
“Ripple is an investor in Sendfriend through Xpring”
The post Ripple’s xRapid customer SendFriend will go live by Q1 in 2019, says CEO David Lighton appeared first on AMBCrypto.
Source: AMB Crypto