Ripple Announces Strategic Partnership with Money Transfer Giant, MoneyGram

2019-6-20 23:30


Ripple has agreed to enter into a strategic partnership with MoneyGram (NASDAQ: MGI), one of the world’s largest money transfer companies. Through this partnership, which will have an initial term of two years, Ripple would become MoneyGram’s key partner for cross-border payment and foreign exchange settlement using digital assets. In conjunction with the partnership, Ripple has agreed to provide a capital commitment to MoneyGram, which enables the company to draw up to $50 million in exchange for equity over a two-year period.

The partnership with Ripple 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. XRP remains the most efficient digital asset for settlement with transaction fees at just fractions of a penny, compared to other digital asset fees of about $30 per transaction. Similarly, the average transaction time for XRP is two to three seconds with other top digital assets ranging from 15 minutes to an hour.

“As the payments industry evolves and matures, it’s imperative that we continue to improve our platform and provide the most effective solution to get funds from point A to point B,” said Alex Holmes, MoneyGram Chairman and CEO. “Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”

MoneyGram operates globally in the $600 billion global remittance 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, which require advance purchases of most currencies. Through this strategic partnership, MoneyGram will be able to settle key currencies and match the timing of funding with its settlement requirements reducing costs, improving its balance sheet efficiency and reducing risk.

“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies,” said Brad Garlinghouse, CEO of Ripple.

The post Ripple Announces Strategic Partnership with Money Transfer Giant, MoneyGram appeared first on Ripple.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ripple (XRP) íà Currencies.ru

$ 0.5175 (+0.54%)
Îáúåì 24H $1.071b
Èçìåíåèÿ 24h: 2.54 %, 7d: -1.79 %
Cåãîäíÿ L: $0.4975 - H: $0.5175
Êàïèòàëèçàöèÿ $28.646b Rank 7
Öåíà â ÷àñ íîâîñòè $ 0.4431 (16.79%)

ripple partnership moneygram strategic transfer money giant

Èñòî÷íèê: ripple.com

ripple partnership → Ðåçóëüòàòîâ: 126


Ôîòî:

SWIFT and Ripple Are Not Partnering. They Are Actively Competing Against Each Other

Many users in the crypto community, especially those who are part of the XRP Army, have debated a lot over the last few months about a possible partnership between Ripple and SWIFT. Given the long history of consistent achievements revealed by Ripple in social networks, press releases and events, many consider it a “natural” step […] The post SWIFT and Ripple Are Not Partnering.

2019-1-6 04:47


Ripple and UAE Exchange Cement Partnership, Propose to Begin Blockchain Payment by 2019

Ripple is joining together with Finablr’s UAE Exchange to begin blockchain payment by 2019. This will provide cross-border payment services to Asia through blockchain technology. According to a report from CNBC, the Chief Executive Officer of the UAE Exchange, Promoth Manghat admitted in an interview that his company is partnering with Ripple to start remittance […] The post Ripple and UAE Exchange Cement Partnership, Propose to Begin Blockchain Payment by 2019 appeared first on ZyCrypto.

2018-12-13 18:01


Ôîòî:

Cosmos Implements Kava’s Interledger Solution; Could This Change the Game for Ripple and Other Blockchain Networks?

A new alliance between Tendermint and Kava Labs may have paved the way for the Cosmos Network to evolve into a fully functional and optimized “internet of blockchains.” Assuming the new partnership lives up to expectations, this could prove to be a big stride towards removing the interoperability issues impeding Cosmos from fulfilling its vision […] Cosmos Implements Kava’s Interledger Solution; Could This Change the Game for Ripple and Other Blockchain Networks? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-12-6 15:59


November 30th Bitcoin, Blockchain and Cryptocurrency News Recap [VIDEO]

Ripple's UBRI Partnership with University of Texas at Austin Has Been a Huge Blockchain Success Ripple's UBRI Partnership With University Of Texas At Austin Has Been A Huge Blockchain Success Chinese Crypto Miner Huaren Capital to Launch a Digital Peso for Remittances in the Philippines Chinese Crypto Miner Huaren Capital To Launch A Digital Peso […]

2018-12-1 07:29


Ripple’s UBRI Partnership With University Of Texas At Austin Has Been A Huge Blockchain Success

Ripple’s UBRI Partnership With The University Of Texas At Austin Has Been A Huge Success Ripple’s University Blockchain Research Initiative (UBRI) continues to move forward. In a report from earlier today, a professor involved with the UBRI at the University of Texas at Austin acknowledged that Ripple’s program has been a success so far. In […]

2018-11-30 20:49


Ôîòî:

CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

CIMB Group (CIMB or the Group), ASEAN’s fifth largest bank, and Ripple have entered into a strategic collaboration to enable instant cross-border payments across CIMB’s markets. On the back of this partnership, CIMB will join RippleNet and connect with other Ripple customers — more than a hundred financial institutions worldwide — a move that will … Continued The post CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN appeared first on Ripple.

2018-11-15 04:08


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

LATAM: Low Interoperability Highlights Crypto’s Big Potential

Across Latin America, a fragmented payments landscape has resulted in low interoperability, often leading to high fees for both senders and receivers of payments. Regulators in the region are working — with varying progress and approaches — to enable real-time payment options that foster greater interoperability, increase financial inclusion, generate revenue for banks and businesses … Continued The post LATAM: Low Interoperability Highlights Crypto’s Big Potential appeared first on Ripple.

APAC Leading the Way in Instant Payments

Countries across Asia Pacific have become global leaders at delivering instant payments through digital banking solutions. Their experimentation and innovation around alternative payment rails to better facilitate both cross-border and domestic instant payments serves to bolster the region’s growing stature and leadership across the payments sector.

CBDCs in the Americas: Implications, Opportunities and Adoption

The most enduring headline from the Beijing Winter Olympics may have nothing to do with medal counts or inspiring pursuits of athletic excellence. Instead, it could be a milestone from the latest real-world pilot of China’s digital currency, which was used to make more than 2 million yuan ($315,761 USD) in payments per day at … Continued The post CBDCs in the Americas: Implications, Opportunities and Adoption appeared first on Ripple.

Women in Blockchain: Yana Novikova Gets it Done

Yana Novikova is on a mission to solve complex problems before they actually become problems. In her seven years at Ripple, Yana has approached every challenge with the determination to find clarity in complexity by using her wealth of experience and industry knowledge.

Enterprise Applications of Crypto Liquidity

Crypto continues to move towards mainstream adoption, with more enterprise blockchain applications leveraging cryptocurrencies and other digital assets for operational and transactional purposes. To fully realize this shift, both financial institutions and businesses will have to more wholly embrace the technology by first gaining a better understanding of crypto utility.