MoneyGram live with xRapid and XRP, settling currencies in seconds.

by | Aug 2, 2019

MoneyGram is the second largest provider of money transfers in the world. Approximately 6 weeks ago, on June 17, MoneyGram and Ripple announced a strategic partnership. According to the announcement:

Through this partnership, which will have an initial term of two years, Ripple will become MoneyGram’s key partner for cross-border settlement using digital assets.

It was also stated by Ripple that:

The partnership will focus on the xRapid product, a solution for on-demand liquidity, which reduces reliance on pre-funding by enabling money to be sent from one currency and instantly settled in the destination currency. It leverages XRP, the native digital asset of the XRP Ledger, as a real-time bridge between the sending and receiving currencies. 

No announcement was made to describe when, where or how MoneyGram would utilize xRapid and XRP.

Until today, August 2nd, the day when MoneyGram announced its second quarter results.

According to the results and the video that was kindly shared by XRP community member BankXRP, MoneyGram started using xRapid and XRP this week. BankXRP even shared a short version of the video where Alex Holmes (Chairman and CEO of MoneyGram) speaks about the partnership with Ripple, xRapid and XRP.

“As you know, with our new partnership, Ripple has become our key partner for cross border settlements using Digital Assets and I’m so excited to announce today that MoneyGram is now live and transacting on the Ripple xRapid platform. We started executing trades earlier this week and all signs point to this being a tremendously beneficiary relationship for all parties involved. We are literally settling currencies in seconds and to quote my friend Larry, this is really cool. One of the core strengths of MoneyGram is our global liquidity and settlement engine that enables millions of customers to move billions of dollars across 200 countries and territories using over 120 currencies. We believe our settlement engine is a key asset with the digital applications and use cases that can lead to new revenue streams down the road. Our partnership with Ripple will help further improve this core strength. Our internal innovation lab continues to explore new and exciting use cases for crypto, dlt and blockchain as we look to build the new business model of the future.”

Now that MoneyGram has started using xRapid and XRP successfully, it is a matter of time before it expands its use to more corridors and at greater scale. We will be looking forward to more updates on this strategic partership, both from Ripple and MoneyGram.