Moneygram and Ripple Partner to speed up Transactions

Superdry

Blockchain company Ripple announced on Thursday that it had finalised an agreement with Texan funds transfer giant MoneyGram that would see Ripple's digital currency XRP, which had soared in value since the beginning of December despite questions regarding its practical uses, be used to provide liquidity to financial institutions.

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. To execute cross-border payments today requires financial institutions to rely on a complex web of relationships with correspondent banks in other countries.

Previously last year, New York-based blockchain startup R3 Holdco LLC has sued rival company Ripple Labs Inc. over a contract to purchase Ripple's digital currency XRP, according to a lawsuit filed in the Delaware Chancery Court.

MoneyGram is partnering with Ripple to get into the crypto game. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", he said.

XRP is fast too. "By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information".

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"This notion of using digital currency as a form of bridge funding is not unique to XRP", Fortune said, noting that a year ago, IBM and a consortium of banks in the South Pacific announced a blockchain transfer arrangement that uses a cryptocurrency called Stellar.

With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.

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

Garlinghouse, however, makes the case that XRP obviates the need for money transfer shops to maintain local currency accounts (so-called nostro and vostro accounts) in far-flung locations.

Global bank payments are slow and the associated fees often remain unknown until after a transaction has reached its final destination.

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