MoneyGram to pilot Ripple cryptocurrency solution for global remittances

11 January 2018

MoneyGram plans to use technologies developed by Ripple along with its cryptocurrency unit XRP for piloting new program of international money transfers. The two companies made an announcement today that they will be partnering within the framework of integrating mutual solutions.

Under the terms of the new deal, MoneyGram will be deploying XRP digital asset for its payment flows using Ripple’s xRapid on-demand liquidity solution. At the moment XRP features better efficiency capabilities as compared to other cryptocurrencies in the market, as transactions cost just some fractions of a penny, while the processing takes from 2 to seconds. At the moment Bitcoin miners takes from $10 to $30 dollars for transactions processing, which in some cases may last for several days.

The new partnership will allow MoneyGram to better understand the way blockchain technologies along with XRP asset can improve the performance of the money transfer services and global operations, while taking the customer experience to a new level.

Speaking for MoneyGram, Alex Holmes, CEO, noted that as blockchain environment is daily modifying the standards, while bringing innovation into the financial industry, Ripple comes at the forefront of the market and MoneyGram eyes to test its xRapid solution in a hope to boost its efficiency and service level for all its customers.

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