Cross border remittance services is gradually becoming a dire need in the society especially for overseas workers who intend to make transfer to their friends and family.
While Sendfriend took up the responsibility of easing the affairs of millions of international workers who want to transfer fund across borders, the firm leveraged Ripple’s xRapid to ensure smooth delivery of its services.
With distributed ledger technology, Sendfriend allows emigrants to transfer fund to their families and friends using its app. Sendfriend slashes remittance cost by 65% from the industry’s average by leveraging blockchain technology.
The company was born out of the need to rescue workers who overpay while making international money transfer every year.
The firm is said to be backed by top companies like MIT Media Lab, Barclays, Mahindra Finance, Techstars, and the MasterCard Foundation.
Sendfriend is the award winner of the MIT Media Lab Translational Innovation Alliance.
Sendfriend consist of a team of Ex-MoneyGram and Ex-World Bank staff who seems to be ardent about bringing transformation to people with technology.
While the company is getting remittance license in states across the United State, Sendfriend noted that soon, residents of New Jersey will be able to make international money transfer to their folks in Philippines with the use of its application.
The CEO David Lighton noted that his observation about the hardship in getting money to other countries birth the creation of Sendfriend at MIT.