MoneyGram is Ripple’s new partner, and along with the partnership, MoneyGram CEO Alexander Holmes showed a few details on how they plan to use xRapid.
In a recent interview, Holmes stated that XRP is the “absolute right” asset to be used for settlement purposes. He explains that the partnership will let them, in short-term, improve the efficiency of their platform. He also added that if it’s all done well, it could encourage others to do the same:
“I think we have the liquidity, we don’t have the speed in the back end processes. They have the speed but not the liquidity. I think it’s a perfect marriage and I think it’s going to be a great opportunity to show the world what we can do together…”
A great advantage of using Ripple’s xRapid, said Holmes, is that it can allow the movement of capital in real time, without needing to keep large amounts of cash in bank accounts.
For the longer term, Holmes noted that they will “begin to think about how we facilitate cross-border payments through crypto and maybe get the consumers more directly involved in the front end of it.”
MoneyGram to Use xRapid For Faster Transfers
By partnering up with Ripple and using xRapid, MoneyGram will not need to position cash after a lot of pre-planning. Holmes explained that today, the right king of technology can make their work more efficient:
“Here comes Ripple with an amazing platform that has the opportunity for us to automate that, speed it up and do some really great things utilizing their technology.”
Considering MoneyGram has a lot of liquidity around the world, Ripple needs it to facilitate the payments and Moneygram needs them to make fast transfers.
Last year in October, Ripple launched xRapid for commercial use, opening a payment route between the Philippines and Mexico. The company is now looking to do the same in Argentina and Brazil.
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