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emfizz.com January 19, 2018


Ripple XRP and Payments Giant MoneyGram Partner For Cross-Border Remittances

12 January 2018, 01:57 | Jan Cross

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US money transfer giant MoneyGram is testing the blockchain waters through a partnership with Ripple, the owner of the XRP digital currency.

The trial will see MoneyGram use XRP in payment flows through Ripple's payment network xRapid in an effort to speed up and cut the cost of transferring money. To execute cross-border payments today requires financial institutions to rely on a complex web of relationships with correspondent banks in other countries. As part of the agreement, MoneyGram will pilot XRP in their payment flows and also explore integration into Ripple's ecosystem through xVia.

Previously last year, New York-based blockchain startup R3 Holdco LLC has sued rival company Ripple Labs Inc. over a contract to purchase Ripple's digital currency XRP, according to a lawsuit filed in the Delaware Chancery Court.

The goal of the pilot is to "move money as quickly as information", Brad Garlinghouse, CEO of Ripple, said in a statement.

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Meanwhile, MoneyGram CEO Alex Holmes is optimistic that Ripple is the right partner to help his company cash in on the growing benefits of its underlying technology.

Last June, Stefan Thomas, Ripple's chief technology officer, said that compared with the status quo of correspondent banking, XRP-based liquidity would seem like "gold that you can teleport into any vault in the world instantly". "We're hopeful it will increase efficiency and improve services to MoneyGram's customers". Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid.

For MoneyGram, the tie-up with Ripple may provide a way to maintain its share of the money transfer market. The two agreed upon expanding their digital payment methods globally, but the USA had blocked it, sending Moneygram shares down over 9 percent.

Ripple's price dropped about 20% when Coinbase announced that they're not keen on adding any new coins at this time. The process makes payments costly and slow, which causes headaches for both the companies and their customers.



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