MoneyGram Expands Use of RippleNet with New Corridors

XRP continues correction

Yesterday, Tuesday, February 25, the XRP continued its correctional decline, trading at $ 0.2681. At the time of writing this article, it is continuing its correction with a price of $ 0.2435.

Ripple continues to develop its cross-border payment technology and is already in the top 100 of the global giants offering such solutions. This ranking also includes industry leaders such as Visa, PayPal, Bank of america and others, Ripple being the sole representative of the world of cryptocurrencies.

The main criteria for listed companies include a large-scale, up-to-date approach to cross-border payments, a large customer base and realizing profits on transactions. The last point draws particular attention: the influx of financing for this business must be the largest of all sources of income for the company.

It should be noted that the list includes companies that base their cross-border payments on the Ripple technology, such as TransferGo or MoneyGram. These technical solutions are not necessarily the main payment mechanisms, but the very fact of their presence strengthens Ripple.

In addition, at least 38 of the world's 100 largest banks have an active partnership agreement with Ripple or have tested its payment technology. Ripple’s main customer remains the same – it’s the financial group Mitsubishi UFJ.

New perspectives for Moneygram and Ripple

Global payments giant MoneyGram is expanding its use of Ripple and XRP.

CEO Alex Holmes said MoneyGram plans to launch XRP transfers in additional lanes and use RippleNet for account-to-account transfers.

Our progress in the Ripple partnership has been instrumental in helping us lead the evolution of digital P2P payments … Today, our trade volume continues to grow and we are partnering to extend the service to other corridors.

I am also pleased to announce that we are working on integrating RippleNet for account-to-account transfers in 2020. This new integration will further accelerate our progress in achieving our vision for global regulations in real time.

MoneyGram's account-to-account transfer feature is designed to allow customers to easily transfer money between their bank accounts, even if those accounts are located in different countries around the world.

The company said the integration will also apply to corporate accounts.

Although MoneyGram has not specified whether it will use XRP for account-to-account transfers, the company alluded to the new lanes it plans to explore for digital assets. At the end of last year, Holmes said the company is specifically studying the use of XRP in Asia and Australia.

We are now interested in many Asian markets. So we're interested in the Philippines, the interface with Australia, the talks with Japan and other countries.

One of the most ineffective aspects of our settlement process as a US company is that everything always comes back in US dollars. It doesn't make much sense if you need Australian dollars and Filipino pesos and American dollars. Why can't we somehow delete them and simply transfer them to an XRP platform?

This year, Ripple completed the acquisition of its $ 50 million stake in MoneyGram after partnering with the company in June of last year. MoneyGram is now the largest and best-known user of Ripple's XRP transfer product. Ten percent of MoneyGram's transactions between the US dollar and the Mexican peso use XRP.