The results of Ripple's partnership with MoneyGram are beginning to appear in public, and the CEO of MoneyGram, a money transfer specialist, has spoken publicly.
At the recent Ripple Swell conference in Singapore, Ripple's CEO, Brad Garlinghouse, spoke to MoneyGram's CEO, Alex Holmes, where he revealed that nearly 10% of the volume normally flowing to Mexico is being paid through the Ripple platform. Liquidity on request. He also mentioned that MoneyGram has opened four new corridors, as the company is now beginning to expand.
Ripple's role with MoneyGram
“It works very well and I think these will continue to rise in the weeks and months ahead. At the end of the day, I think that pairing our transaction flows with currency flows really gives a great deal of efficiency and scale to what we do. ”
According to Holmes, one of the most ineffective things about the settlement process for US-based companies is to return everything to US dollars.
He added that there should be more talks on improving the flow of funds on a transaction-by-transaction basis, with the ability to pair them in terms of settlement as well.
“We weren't so big users of RippleNet yet, and I think we were focusing on ODL, the platform there, and the successes we had, so much so that we didn't have a chance to think differently about it.”
Holmes added that no matter what happens in the world in terms of cryptocurrency payments services, money will be around for a very long time.
What's new about this partnership?
The CEO of MoneyGram claimed:
“The magic will completely blend RippleNet transactions with ODL, because I think that after getting this perfectly paired transaction, and for the first time ever, you can say that the money has been transferred with the data.”
Ripple XRP announced its strategic partnership with MoneyGram for cross-border payments and foreign exchange adjustments using digital assets in June this year.
By John Malvern November 08, 2019
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