Ripple and MoneyGram Test XRP Currency Transfers

Javier Stokes
January 12, 2018

Similarly, the average transaction time for XRP is two or three seconds, with other top digital assets ranging from 15 minutes to an hour.

The Ripple official twitter handle has tweeted the news that there will be more payment companies like Moneygram joining the usage of XRP in 2018.

XRP is one of the most efficient digital assets for payments, with its transaction fees at just fractions of a penny, which compares to bitcoin fees of about $30 per transaction.

There are miles to go before a cryptocurrency-based system replaces correspondent banking, but MoneyGram's pilot looks like a step toward a world of faster, simpler, cheaper worldwide payments.

The company has historically been involved in using pre-funded accounts to fulfill transfers by customers, which can tie up capital.

He added by using Ripple, MoneyGram will be in a position to move money "as quickly as information".

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"This is very much part of Ripple's strategy to partner not just with banks but also with money transfer networks and emerging providers, such as mobile wallets", said Zil Bareisis, analyst at Celent.

For MoneyGram, the second largest money transfer company in the world, this strategic partnership will allow them to understand how blockchain technology and XRP can improve the efficiency of their global treasury operations and consumer experience.

"Every day blockchain technology is changing the norm and encouraging innovation". With a digital currency such as the one Ripple provides, the wait time could be reduced.

"The Japan Bank Consortium's pilot with Woori Bank and Shinhan Bank brings us closer to sending money in an important corridor", said Emi Yoshikawa, director of partnerships at Ripple. The value of many currencies fell after reports that bitcoin-crazy South Korea is preparing to ban all cryptocurrency trading.

According to a press release, MoneyGram will test Ripple's xRapid service due to its claimed speed and cost efficiency. That makes the process for payments costly and slow.

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