January 28, 2019: A fintech startup from Vienna is aiming to make remittances to the Philippines faster using Ripple’s xRapid.
IN A PRESS RELEASE, Vienna-based fintech startup Transpaygo announced its addition as one of Ripple’s partners for xRapid, its cross-border money transfer system powered by XRP.
According to Mirko Kinigadner of Transpaygo, adopting Ripple’s technology proves advantageous versus Swift, the current worldwide banking network. In addition, xRapid allows cheaper and faster money transfers. Mr. Kinigardner believes blockchain will become an increasingly important corridor for international transactions.
Numerous remittance solutions targeting the Philippines are being powered by Ripple’s payment solutions. One of them is Korea-based Coinone Exchange‘s remittance app – Cross – that partnered with PH-money service company – Cebuana Lhuillier to pilot xCurrent-based money transfer between the 2 countries. This gives the more than 58,000 Filipinos in South Korea to remit to the Philippines at a lower transfer fee.
Another one is Malaysia’s CIMB banking group, which aims to use xRapid on its “SpeedSend” application for cross-border money transfer between countries in Southeast Asia like the Philippines to the UK, Australia, Hong Kong, and the US.
SendFriend, previously reported in BitPinas is another company using xRapid targeting US – Philippines remittances. Lastly, HashCash is a California-based company that is targeting money transfers between Australia and the Philippines.
This article originally appeared at BitPinas on January 28, 2019: Ripple xRapid Has a New Remittance Partner for Philippines