Wednesday, 19 September, 2018

Ripple (XRP) and MoneyGram (NASDAQ: $MGI) Partner to Modernize Payments

How_xRapid_Works_For_MoneyTransferFirms Illustration of how xRapid works for payment providers and other financial institutions. Source https
Kelvin Reese | 13 January, 2018, 00:48

The two companies have come together to pilot XRP in MoneyGram's payment flows, wherein both these companies will study and understand MoneyGram's integration in Ripple ecosystem, through xRapid which is Ripple's solution created to provide on-demand liquidity to financial institutions.

"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". They cited the low cost and speed of XRP transactions.

XRP allows banks and payment companies to send money quickly, no matter the location.

As part of the arrangement, MoneyGram will test the use of Ripple's cryptocurrency, XRP, to move funds in a faster and cheaper way.

Ripple, a bitcoin rival, claims it can settle digital transactions in three seconds or less, making it attractive to financial institutions. Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour.

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Ripple is a cryptocurrency (XRP) issued by a blockchain startup of the same name and has enjoyed an astonishing rise in 2018 following in the footsteps of bitcoin.

MoneyGram says that blockchain, the technology that powers digital currencies, has the potential to revolutionize its current money transfer process, which requires pre-funded accounts to fulfill transfers.

Ripple, a fintech startup focused on providing blockchain solution for payments, has the backing of numerous global banks and financial institutions, including Standard Chartered and the Royal Bank of Canada. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid.

Ripple's venture with MoneyGram comes several months after the company announced a partnership with American Express axp . "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", MoneyGram CEO Alex Holmes said.

The value of XRP surged nearly 15% to $2.22 on the announcement, according to Coinmarketcap data.

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