Friday 12 January 2018

MoneyGram to Use XRP for Faster International Payments/Ripple improve cross-border payments/

MoneyGram to Use XRP for Faster International Payments.


XRP
MoneyGram to Use XRP for Faster International Payments
Jan 11, 2018 | Team Ripple


The global remittance market is a big business. In 2016, remitters sent nearly $600 billion in cross-border payments to help support family members living in their home countries or to settle transactions with business partners.

Money transfer companies allow people to send cross-border payments. Unfortunately, the current model requires money transfer companies to use pre-funded accounts across the globe to source liquidity for these payments. The process makes payments costly and slow, which causes headaches for both the companies and their customers.

To allow their customers to send and complete cross-border payments quicker and cheaper, MoneyGram — one of the world’s largest money transfer companies — will use XRP in their payment flows.

The use of XRP allows MoneyGram to solve the age-old liquidity issue most financial institutions face while saving time and money. Additionally, customers will have the ability to send funds real time, with transparency and certainty.

XRP, xRapid help source on-demand liquidity

MoneyGram will access and use XRP, the native digital asset of the XRP Ledger, in their payment flows through xRapid, Ripple’s on-demand liquidity product.

Here’s how it works: 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.

What’s more, financial institutions will be able to send on-demand payments, reduce FX costs and fees, and customers will receive real-time insight into the status of their payments.

“Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid,” said Alex Holmes, chief executive officer of MoneyGram, in a press release. “We’re hopeful it will increase efficiency and improve services to MoneyGram’s customers.”

Ripple strives to improve cross-border payments

Ripple is focused on fixing the inefficiencies and problems that exist in cross-border payments, regardless of whether those payments originate with a bank, corporate or another financial institution.

“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,” said Brad Garlinghouse, CEO of Ripple. “By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information.”

For more information about xRapid, visit Ripple’s Solutions page.

Cointelegraph News -
Ripple Announces Partnership With MoneyGram To Speed Fiat Settlements
Blockchain-based payments gateway Ripple announced a new partnership with payment service MoneyGram today, Jan. 11.

In a blog post today, Ripple confirmed that MoneyGram would integrate Ripple’s XRP altcoin into its payment system. The integration, according to Ripple, “allows MoneyGram to solve the age-old liquidity issue most financial institutions face.”

Ripple CEO Brad Garlinghouse commented in company’s blog post announcing the partnership:

“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.

By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information.”

Garlinghouse has increasingly championed XRP’s perceived advantages as a currency over Bitcoin as interest and trade increased. Given Ripple’s market value in early January, the company’s chairman, Chris Larsen, was then reported to have accrued personal wealth to rival Warren Buffett and Bill Gates due to his 37 percent stake.

Ripple has unveiled several partnership deals in recent weeks, and in the first week of 2018, the value of XRP skyrocketed to highs barely imaginable just months ago.

While the rate of appreciation drew no shortage of warnings and criticism, the refusal of Coinbase to add the altcoin reportedly precipitated a 30 percent downturn last week, something the latest news appears to be changing.

XRP is up almost eight percent in the 24 hours to press time according to data from CoinMarketCap, which since Jan. 8 does not include some major South Korean markets.


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