Friday (November 8) at Ripple Swell conferences Singapore Chairman and Chief Executive Officer MoneyGram Alex Holmes talked about how his company uses an XRP-based Ripple product with On-Demand Liquidity (ODL), formerly called xRapid, for cross-border operations. payments.
Ripple Partnership with MoneyGram
17 June California company FinTech Ripple announced a strategic partnership with MoneyGram, one of the world's largest money transfer companies. Here's how Ripple's blog post explained the deal:
Through this partnership, which will have an initial term of two years, Ripple will become a key partner of MoneyGram for cross-border payments and foreign exchange settlements using digital assets. Together with the partnership, Ripple agreed to provide capital to MoneyGram with a capitalization commitment that will allow the company to raise up to $ 50 million in exchange for capital over a two-year period.
Holmes, CEO of MoneyGram, said at the time:
Thanks to the Ripple xRapid product, we will have the opportunity to instantly transfer funds from US dollars to the destination currency 24 hours a day, 7 days a week, which can revolutionize our operations and significantly simplify the management of global liquidity.
Then, on August 2, during his company's Qarnings Call for Q2 2019, Holmes said that MoneyGram began "trading on the Ripple xRapid platform."
Three months later, during the MoneyGram Q3 2019 Earnings Call on November 1, the CEO of MoneyGram again received some interesting news about his company's partnership with Ripple:
Today, we have incorporated Ripple into our standard Treasury process to allow 24/7 foreign exchange transactions. Throughout the quarter, we continued to expand our use of Ripple's on-demand liquidity product for part of our daily funding needs in Mexico.
Comments by MoneyGram CEO at Swell 2019
Как reported Earlier today, Ripple (November 8), on the second day of the two-day Swell 2019 conference in Singapore, Holmes talked with Ripple CEO Brad Garlinghouse about how MoneyGram uses the Ripple ODL product for cross-border transactions.
Holmes first spoke about the global money transfer market:
What struck me the most was the pressure that older players face. The main problem with moving money around the world is that there is not much coordination between financial institutions and there must be more solutions to connect all these elements. More and more companies are looking to make the economy move the way it should.
The CEO then talked about how his company's innovation lab helps MoneyGram explore the use of new technologies to improve its services:
We move our legacy systems to the cloud and see how we can use distributed blockchain register technology to improve our core systems.
However, his most interesting comments related to the Ripple ODL product, in which XRP is used as an intermediate currency for cross-border payments:
What I love about ODL is that we are at the forefront of this technology ... We can calculate billions of dollars in seconds. The magic really lies in connecting MoneyGram transactions with Ripple's ODL.
According to Ripple, the CEO of MoneyGram also announced on stage at Swell 2019 that "the company is currently moving 10% of its transaction volume through ODL between the US and Mexico borders and plans to expand another four corridors by the end of this year."