Ripple partners with MoneyGram to provide quick transactions

Tammy Harvey
January 13, 2018

For MoneyGram, the second largest money transfer company in the world, this strategic partnership will allow them to understand how blockchain technology and XRP can improve the efficiency of their global treasury operations and consumer experience.

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

The money transfer company clearly sees a lot of value in XRP and its efficient clearance times.

According to the press release, XRP's transaction fees are equivalent to fractions of a penny, unlike Bitcoin's fees of around $30 per transaction. While huge, the market is kept laggin by the need to use pre-funded accounts, usually accessed by visiting retail stores.

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

The team-up comes after both Ripple and MoneyGram made headlines this month, the latter for the fall through of its much anticipated acquisition by Chinese fintech giant Ant Financial: the operator of popular mobile payment service Alipay. Ripple's blockchain technology and digital currency could move money far faster, the companies said in a statement Thursday.

We're excited to announce our new partnership with @Ripple! The current transaction time for XRP transfers is only 4 seconds. The members of the Ripple's consortium includes many big banks and payment companies like American Express, UBS and Santander.

If the test is successful, MoneyGram could make Ripple its go-to transfer method, moving the virtual currency one step closer towards mainstream acceptance - and making it an even greater long-term threat to pre-eminent cryptocurrency Bitcoin. We also provide bill payment services, issue money orders and process official checks in select markets.

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