MoneyGram Aims At Bringing Upon Faster International Payments Using XRP
The international remittance is going great guns lately. Cross-border payments amounting to $600 billion have been processed by the remitters in 2016 helping people send money to their friends and family across the border and also for engaging in international transactions. The current model of money transfer requires companies to source their liquidity using pre-funded accounts set up internationally. This imparts greater cost and time requirement for the remittance drill to take shape. MoneyGram, one of the top money transfer magnets is trying to ease out this whole process and relieve the participating entities from unwanted headaches. It shall integrate XRP into its payment flows thus solving the age-old liquidity issue which most of the financial institutions have been facing lately. This will boost up the certainty and transparency in the transmission of funds done by the customers on real time basis.
xRapid and XRP Join Hands For Sourcing On-Demand Liquidity
XRP, the indigenous digital asset belonging to XRP Ledger shall be used and accessed by MoneyGram for regulating their flow of payments through xRapid which is the on-demand liquidity product of Ripple. Real-time foreign exchange (FX) settlement is enabled by xRapid through XRP aiding financial institutions in accessing multiple corridors and unlocking liquidity using just one pre-funded originating account. These financial institutions shall also be able to reduce FX costs and fees, send on-demand payments while the customers benefit from the receipt of real-time insight into their payment status. Alex Holmes, the chief executive officer of MoneyGram recently announced in a press release that, “Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid. We’re hopeful it will increase efficiency and improve services to MoneyGram’s customers.”
- Ripple Trying To Bring Upon Improvement In Cross-Border Payments
Ripple is trying to find a cure for the problems and inefficiencies which are handicapping cross-border payments irrespective of the fact whether such payments are arising with a corporate, bank or financial institution. Ripple CEO, Brad Garlinghouse summarised the whole situation saying that:
“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. By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information.”
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