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SAN FRANCISCO – (BUSINESS WIRE) – Ripple, a leading enterprise blockchain solution provider for
payments, has agreed to enter into a strategic partnership with
MoneyGram (NASDAQ: MGI), one of the world's largest money transfers
companies. Through this partnership, which will have an initial duration of
two years, Ripple would become the key partner of MoneyGram for cross-border transactions.
payment and settlement in foreign currency with the aid of digital assets. In
In conjunction with the partnership, Ripple agreed to provide capital
commitment to MoneyGram, which allows the company to get up to US $ 50
million in exchange for own funds over a period of two years.
The partnership with Ripple will focus on the product xRapid, a solution
liquidity on demand, which reduces the need for pre-financing in
allowing the money to be sent from a currency and settled instantly in the
currency of destination. It relies on XRP, the native digital asset of
XRP Ledger, as a real-time bridge between the sender and the receiver
currencies. XRP remains the most effective digital asset for settlement
with transaction fees to fractions of a penny compared to others
digital asset fee of about $ 30 per transaction. Similarly, the average
The transaction time for XRP is two to three seconds with other digital solutions.
assets ranging from 15 minutes to one hour.
"As the payments industry evolves and matures, it is imperative that we
continue to improve our platform and provide the most efficient solution
get funds from point A to point B "said Alex Holmes, MoneyGram
President and CEO. "Thanks to Ripple's xRapid product, we will have the
ability to instantly settle funds in US dollars to the destination
currencies on a 24/7 basis, which has the potential to revolutionize our
our operations and significantly streamline our overall liquidity management. "
MoneyGram operates worldwide with $ 600 billion global remittances
market, serving millions of customers in more than 200 countries and
territories, supporting multiple currencies. Today, MoneyGram relies on
traditional foreign exchange markets to meet its settlement obligations,
that require advance purchases of most currencies. Through this
strategic partnership MoneyGram will be able to settle major currencies
and match the timing of funding with its settlement requirements
reducing costs, improving the efficiency of its balance sheet and reducing
risk.
"This strategic partnership will allow MoneyGram to significantly improve its
operations and enable millions of people around the world to benefit
its improved efficiency. This is an important step to help
transforming cross-border payments and I look forward to a very
strategic partnership between our companies, "said Brad Garlinghouse,
CEO of Ripple.
About Ripple
Ripple provides a frictionless experience to send money around the world using
blockchain power. Joining Ripple's growing global network
(RippleNet), financial institutions can process the requests of their clients.
payments anywhere in the world instantly, reliably and cost-effectively.
Banks and payment providers can use the XRP digital asset to strengthen
reduce their costs and access new markets. With offices in San
Francisco, New York, London, Mumbai, Singapore, Brazil and Sydney,
Ripple has more than 200 customers worldwide.
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