Moneygram and Ripple Partner to speed up Transactions

12 January, 2018, 14:00 | Author: Terri Saunders
  • REUTERS  Mark BlinchA Bitcoin sign is seen in a window in Toronto

For MoneyGram, Fortune said, the partnership with Ripple "may provide a way to maintain its share of the money transfer market" amid competition from a new generation of low-priced Internet-based services like TransferWise.

MoneyGram will use XRP to speed up and reduce the cost of transferring money through the cryptocurrency's network xRapid. MoneyGram will access and use XRP in their payment flows through xRapid, Ripple's on-demand liquidity product. xRapid enables real-time foreign exchange (FX) settlement through XRP, which gives financial institutions the ability to unlock liquidity and access multiple corridors with one pre-funded originating account. To execute cross-border payments today requires financial institutions to rely on a complex web of relationships with correspondent banks in other countries.

Ripple is a cryptocurrency (XRP) issued by a blockchain startup of the same name and has enjoyed an astonishing rise in 2018 following in the footsteps of bitcoin.

Previously a year ago, 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. "Money transfer companies are incredibly important because they help people get money to their friends and loved ones", said Brad Garlinghouse, CEO of Ripple.

MoneyGram shares rose more than 8 percent, to $13.15, after it announced the Ripple partnership.

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Ripple provides one frictionless experience to send money globally using the power of blockchain.

Alex Holmes, Chief Executive Officer of MoneyGram, said, "Every day blockchain technology is changing the norm and encouraging innovation".

Global payments is a growing market, particularly with mobile solutions increasingly coming on board. The two agreed upon expanding their digital payment methods globally, but the US had blocked it, sending Moneygram shares down over 9 percent.

With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.

XRP allows banks and payment companies to send money quickly, no matter the location. That makes the process for payments costly and slow.

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