Ripple And MoneyGram Announced Their Partnership

Ripple And MoneyGram Announced Their Partnership

On January 8, the partnership between Ripple and MoneyGram was officially announced. The blockchain startup and the money transfer company had reached an agreement over an international transactions pilot. The agreement also encourages MoneyGram’s integration into the Ripple’s ecosystem.

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On January 8, the partnership between Ripple and MoneyGram was officially announced. The blockchain startup and the money transfer company had reached an agreement over an international transactions pilot. The agreement also encourages MoneyGram’s integration into the Ripple’s ecosystem.

For the first time in its history, MoneyGram will try to use XRP, the Ripple token in transferring money through the xRapid platform. The xRapid platform was developed by Ripple in order to solve the on-demand liquidity problem. So far, XRP remains unbeaten in terms of transaction speed and transaction fees. Other digital assets require more than 15 minutes to settle a transaction and cost up to 30$ while the Ripple token transfer happens in 2-3 seconds for just a fraction of a penny.

MoneyGram is one of the leading money transfer companies. Its customers dig it because it offers smooth and efficient cross-border transactions for private or business activities. Until the utilization of blockchain technologies, money transfer companies are bound to use pre-funded accounts worldwide to meet liquidity demands. Luckily, distributed ledgers have the potential to change and ease the capital movement process, once and for all.

It is no secret that global payment systems are not as efficient as they should be. They work in no favor of neither banks nor financial institutions like MoneyGram. Brad Garlinghouse, Ripple’s CEO believes that transfer companies bring joy and comfort to people sending money to their beloved ones. He described the newly formed partnership as strategic and long-term. If MoneyGram does indeed utilize the use of XRP, it will be able to transfer money as quick as information. Moreover, the new technologies can lead not only to higher transaction speed but to better customer experience as well.

MoneyGram CEO, Alex Holmes admits that blockchain technologies change the rules of the game every minute, every day. He states that the collaboration between his company and Ripple is formed in order to improve the services provided by MoneyGram. Furthermore, they chose to cooperate with Ripple, because the fintech startup is at the forefront of innovation.

For the uninitiated, Ripple is a fintech company that provides quick and frictionless transactions over a blockchain technology. The company is working hard on establishing a global network of partners where financial institutions can easily transfer large sums of money in just seconds. The startup has offices in San Francisco, New York, London, Mumbai, Singapore, Sydney, and Luxemburg.

MoneyGram, on the other hand, offers payment services and is recognized around the globe as an established trademark. They enable their clients to transfer money by visiting local stores or online. The range of services is quite broad and bill payment is one of the many.

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