- Bank of America (BOA) commends Ripple’s cross-border solution
- SendFriend CEO drops a positive review for Ripple’s XRP payment solution
Bank of America (BOA) commends Ripple’s cross-border solution stating that the advantages of the solution, including precision in payments and easy user, interface banking model. According to BOA, Ripple’s global payments solution works very well as a cross-border treasury payment solution, cross-border treasury receipt solution, and a foreign exchange market maker.
BOA further added that four possible advantages of Ripple’s cross-border payment solution include transparency in payments, user-friendly banking model, possibly decreasing investigation and maintenances and a possible way to offer liquidity in the U.S.
The statement by the bank went thus: “Innovation example: Ripple cross‐border solution. Ripple’s distributed ledger solution remedies legacy correspondent banking infrastructure challenges and provides bi‐directional messaging to enhance payment tracking, data transmission, and enables enhanced certainty in a settlement.”
Ripple’s approach for increasing mass adoption of its coin has always involved selling its DLT and XRP-centric solutions to universal institutions like payment providers and banks.
SendFriend CEO drops a positive review for Ripple’s XRP payment solution According to SendFriend CEO, Ripple’s XRP payment solution allows users to save about 80% in remittance fees. SendFriend, a money transfer firm is part of the payment providers that use Ripple XRP payment solution.
The CEO’s statement went thus: “Companies like Western Union can charge up to 10% to service a payment—we can get it done for 2%,” stated David Lighton, co-founder and CEO of SendFriend, at a conference on Thursday. Lighton explained that Ripple’s solution, On-Demand Liquidity (ODL), removes the need for businesses to pre-fund their accounts in destinations currencies and thus removes the need for that working capital.
ODL enables customers to use XRP “to bridge two currencies in three seconds,” ensuring instant payments, said Ripple. With the solution, SendFriend can source liquidity on-demand and cut transaction costs by up to 75%, said Lighton, adding: “Our goal is to pass on these savings to our customers.”
XRP (XRP) Price Today – XRP / USD
SendFriend currently works in the Philippines, allowing Filipino users to send and receive money swiftly and affordably using Ripple. The firm which started using Ripple earlier this year has nothing but positive reviews for the company’s product. SendFriend is supported by prominent investors, comprising Barclays, MasterCard Foundation and Ripple, who all partook in its $1.7 million round in February.
Lighton, a former World Bank employee, added at the conference that high remittance fees are “such a serious problem that number ten of the Sustainable Development Goals has a target of bringing the cost of remittance payments down to three percent by 2030.”
Recently, Ripple announced that “more than two dozen” customers use its On-Demand Liquidity (ODL) solution, including money transfer firms MoneyGram, Viamericas and FlashFX, online workforce platform that links employers with freelancers goLance, and financial services provider Interbank Peru.