Blockchain provider Ripple has partnered with MoneyGram to pilot crypto-currency XRP in its payment flows. As part of this agreement, both companies will also explore MoneyGram's integration into Ripple's ecosystem.
Money transfer companies’ current model requires the use of pre-funded accounts across the globe to source liquidity, however blockchain creates an opportunity change this and make capital deployment more efficient.
"The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram," said Brad Garlinghouse, CEO of Ripple. "We are excited about this pilot and a long-term strategic partnership with MoneyGram. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information."
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