Moneygram and Ripple Partner to speed up Transactions


Blockchain firm Ripple will be partnering with USA money transfer service, MoneyGram, to test out payment flows of XRP, Ripple's native cryptocurrency, the companies announced today.

That announcement related to the decision by Texas-based MoneyGram to trial the use of XRP in order to speed up and reduce the cost of transferring money.

Ripple claims that XRP is 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.

XRP is fast too.

Meanwhile, MoneyGram CEO Alex Holmes is optimistic that Ripple is the right partner to help his company cash in on the growing benefits of its underlying technology.

The company has historically been involved in using pre-funded accounts to fulfill transfers by customers, which can tie up capital.

The goal of the pilot is to "move money as quickly as information", Brad Garlinghouse, CEO of Ripple, said in a statement.

"Every day blockchain technology is changing the norm and encouraging innovation".

"The Japan Bank Consortium's pilot with Woori Bank and Shinhan Bank brings us closer to sending money in an important corridor", said Emi Yoshikawa, director of partnerships at Ripple.

The ability to send money globally in real time has caught fire in the global financial industry. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers". The value of many currencies fell after reports that bitcoin-crazy South Korea is preparing to ban all cryptocurrency trading.

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. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. That makes the process for payments costly and slow.

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