Ripple and MoneyGram Test XRP Currency Transfers

14 January, 2018, 00:38 | Author: Martin Tyler
  • Ethereum price

The latest rise in XRP comes after money transfer giant MoneyGram announced plans to use it for faster worldwide payments.

As per a press release, MoneyGram will test the use of XRP via Ripple's xRapid payment network, which it claims increases speed and reduces the costs of transferring money. Its transaction fee, at just "fractions of a penny", is also comparable to bitcoin's $30 (roughly Rs. 1,900) per transaction fee. Under the trial, MoneyGram will access and use Ripple's XRP. The CEO of Ripple stated that the company will probably build effectiveness and enhance administrations to MoneyGram's clients. "Money transfer companies are incredibly important because they help people get money to their friends and loved ones", said Brad Garlinghouse, CEO of Ripple.

Companies such as MoneyGram, the world's second-largest money-transfer business, typically use pre-funded accounts to fulfill customers' transfers, which can tie up capital.

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The development is based around MoneyGram running a pilot program of Ripple's xRapid technology, which is the platform that allows for real-time foreign exchange (FX) settlement and is the platform that Ripple has been shopping to a host of major banking and financial institutions globally over the last 12 months or more.

"Ripple is at the forefront of blockchain technology", Alex Holmes, chief executive officer of MoneyGram, said in the statement.

USA money transfer giant MoneyGram is testing the blockchain waters through a partnership with Ripple, the owner of the XRP digital currency.

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Garlinghouse added that, by using Ripple's digital asset, MoneyGram would be able to move money "as quickly as information".

"We are excited about this pilot and a long-term strategic partnership with MoneyGram".

Ripple has confirmed the partnership with MoneyGram in a blog post yesterday, according to which Ripple's XRP altcoin will be integrated into MoneyGram's payment system. Immediately after the announcement, the price surged about 15 percent. The members of the Ripple's consortium includes many big banks and payment companies like American Express, UBS and Santander.

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