Ripple saves by means of XRP SendFriend 80% of transfer fees
The money transfer company, SendFriend, which uses the XRP-payment solution On-Demand Liquidity (ODL) of Ripple, claims that this helps the companies to save up to 80 percent of the transfer fees for its customers.
In a Blog Post published by Ripple, said the CEO of SendFriend that his company can allow consumers to save up to 80 percent of the fees for Transfers, in part due to the services of Ripple.
“Companies like Western Union can charge up to 10%, to make a payment – we can do it for 2%,” said David Lighton, co-founder and CEO of SendFriend, at a conference on Thursday. Lighton stated that the On-Demand Liquidity (ODL) is eliminated from the Ripple of the need for companies to your accounts in target currencies to pre-Fund, and thus the need for this working capital is reduced.
ODL allows customers to bridge with XRP “two currencies in three seconds” and to ensure immediate payments, said Ripple. With the solution SendFriend is able to raise liquidity on demand, and reduce transaction costs by up to 75 percent, adds Lighton: “Our goal is for these savings to our customers.”
SendFriend is currently used in the Philippines and it allows Filipinos to send and receive money. The company started in the beginning of the year with the XRP payment solution from Ripple. SendFriend supported by well-known investors, including Barclays, MasterCard Foundation, and Ripple, all of which have participated in a $ 1.7 million round of financing in February.
Lighton, a former employee of the world Bank, said at the conference that high transfer fees “are such a serious Problem that it is among the Top-10 goals of the Sustainable Development Goals is to reduce the cost of transfer payments, by 2030, to three per cent”.
Ripple also stated recently that “more than two dozen” customers solution use your ODL, including the money transfer company MoneyGram, Viamericas, and FlashFX, an Online HR platform that connects employers with freelancers goLance and the financial service provider Interbank Peru.
Rumor mill: Did Ripple & Binance a secret partnership?
XRP enthusiasts have recently discovered that you have evidence for a partnership between Ripple and crypto-stock exchange Binance. Already in February, CEO Changpeng Zhao said that Binance in the future, “could definitely” work with the Startup in San Francisco to support XRP and On-Demand Liquidity (ODL).
ODL was designed to offer banks and financial institutions in a legally compliant way to send money abroad by XRP is used as a bridge currency. It is based on a XRP-exchange system, which is the Fiat currency converts to the corresponding value in XRP, and on a stock exchange in another country sends to be converted, where the XRP directly in Fiat. So far, Ripple has public partnerships with the crypto-exchanges Bittrex, Bitso, Coins.ph and Bitstamp reported to increase the liquidity of ODL.
Members of the XRP Community are now saying that a Tracking Tool for the detection of ODL-volume has discovered a number of possible ODL transactions with the Russian ruble. You combine the transactions with Binance, the stock exchange announced in October, support for the Russian ruble.
It’s an evidence that Binance will take a role as an #ODL exchange.
It wants to dynamite the volume. More volume means more benefits for Binance.
Good job @cz_binanceRussian corridor is open since this morning.#xrpthestandard #XRPCommunity #Binance @binance @Ripple pic.twitter.com/XHaCVIbTZD
— Crypto Crusader #XRP (@crypto crusaderx) December 6, 2019
So far, neither Ripple nor Binance have responded to the rumor. In this respect, it is only a rumor.
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