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Moneygram Confirms Partnership with Ripple, XRP Price likely to Surge

12 January, 2018, 00:35 | Author: Samuel Sharp
  • Moneygram Revenue growth

During the pilot, MoneyGram will utilize XRP, the native digital asset of the Ripple Ledger, with the aim to speed up payment flows through xRapid, Ripple's solution for on-demand liquidity. As part of this agreement, both companies will also explore MoneyGram's integration into Ripple's ecosystem through xVia.

The company says 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.

There is a very important incentive for payment companies to join the blockchain based instant transfers, staying relevant and keeping the business. Also, the average transaction time for settlement for XRP is just two to three seconds. The current model for these payments requires money transfer companies to use pre-funded accounts across the globe to source liquidity.

Banks within the Japan Bank Consortium are one of many institutions that are actively working with Ripple to solve the multi-trillion dollar problem plaguing the financial industry, corporates and consumers worldwide - the lack of liquidity (or cash) to instantly send or receive low-priced global payments.

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


Ripple chief executive Brad Garlinghouse also mentioned that the partnership will help demonstrate XRP's usefulness in lowering costs for money transfers between friends and families.

The pilot solidifies the Japan Bank Consortium's commitment to modernize payment systems - specifically in the Japan/Korea corridor where Korea is Japan's third largest trade partner - to send money instantly, removing the need for intermediaries while reducing the cost of sending global payments.

We're excited to announce our new partnership with @Ripple!

Ripple was more appealing than Bitcoin to Moneygram because of Bitcoin's fees. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", he said. That makes the process for payments costly and slow.

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