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Cryptocurrencies

MoneyGram partners with Ripple to modernize payments

Friday 12 January 2018 | 01:48 PM CET

Ripple, provider of enterprise blockchain solution for payments, has partnered with MoneyGram to pilot XRP in their payment flows.

As part of this agreement, both companies will also explore MoneyGram’s integration into Ripple’s ecosystem through xVia. MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple’s solution for on-demand liquidity. XRP is a digital asset and the average transaction time for XRP is 2-3 seconds.

Money transfer companies allow people to send cross-border payments to friends, families and business partners. The current model for these payments requires money transfer companies to use pre-funded accounts across the globe to source liquidity. However, newer blockchain technologies have the potential to revolutionize this process and optimize capital deployment.

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