MoneyGram partners with Ripple to increase payment speeds

13 January, 2018, 00:50 | Author: Valerie Burke
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Ripple, the company that builds blockchain solutions to enable instant payments across the world, has made a deal with Moneygram, the leading worldwide payment transfer's company.

"The payments problem doesn't just affect banks; it also affects companies like MoneyGram, which help people get money to the ones they care about". Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.

International Payments is a multi-billion dollar industry and the current way of using a centralized authority who hold enough foreign reserves to be able to facilitate the cross-border transfers is very inefficient considering the time and cost involved.

Ripple, a bitcoin rival, temporarily became the second-largest cryptocurrency by market value last month when it moved past ethereum, but its price has since dropped.

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. Similarly, the average transaction time for XRP is two to three seconds with other top digital assets ranging from 15 minutes to an hour, according to the release.

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Both the companies touted Ripple's ability to handle instant payments saying "XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about $30 per transaction". The money transfer company will access and use the token through xRapid, Ripple's on-demand liquidity product.

MoneyGram's CEO Alex Holmes said that his company was "looking forward to piloting xRapid".

MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. That makes the process for payments costly and slow.

The pilot project may not lead to MoneyGram adopting ripple, according to the statement.

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