Ripple Partner MoneyGram Expands its Cross Border Service with Visa to Spain and the Philippines

  • MoneyGram is extending its debit card deposit service internationally in collaboration with Visa via Visa Direct
  • The service allows MoneyGram customers to send money in real-time
  • This adds 50% new users to MoneyGram and retention rates that are “outperforming expectations”

The global provider of money transfer services MoneyGram is now extending its debit card deposit service internationally to Spain and the Philippines, the company announced on Dec. 4. The company launched this service in collaboration with Visa through its real-time push payments platforms Visa Direct.

MoneyGram is the first company to allow cross-border transfers from the US using Visa Direct and will be offering the service in more areas of the world very soon.

“Cross-border digital growth is a key strategic priority, and we will continue to lead the industry with innovative products and services,” said Alex Holmes, MoneyGram Chairman, and CEO.

Rapid Expansion to new Markets Worldwide

Visa Direct that enables payments to more than a billion cards worldwide allows its customers to send money in real-time. MoneyGram users can either go the actual website or use the App to send to eligible Visa-branded debit cards.

“The initial launch phase with MoneyGram has been a success. Based on customer feedback to date and seamless integration of Visa Direct into MoneyGram’s digital network, we look forward to continuing the rapid expansion of this service to new markets worldwide,” said Bill Sheley, SVP and Global Head of Visa Direct, Visa.

This expansion was launched soon after the Visa Direct’s successful launch in the United States where about half of the customers were new to the platform. Also, early signs show they were able to retain their customers rates and are “outperforming expectations.”

Ripple & MoneyGram

MoneyGram is also opening new corridors for Ripple’s XRP using On-Demand Liquidity (ODL) before 2019 ends.

In June this year, Ripple became a key partner of MoneyGram for cross border settlements using the digital asset by making an initial investment of $30 million in the company. Most recently, Ripple made yet another $20 million investment in MoneyGram —purchasing the firm’s newly issued equity at $4.10 per share which was much higher than its market valuation — completing its $50 million investment commitment to MoneyGram.

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Author: AnTy

MoneyGram Money Transfer Service Gets Investment from Ripple to Boost XRP Adoption

MoneyGram will use Ripple’s On-Demand Liquidity (ODL) solution in Australia, Europe and other important markets.

The US-based and blockchain company Ripple made a $20 million investment in the money transfer giant MoneyGram, announces a Ripple press release. This means Ripple owns a 15% stake that includes non-voting warrants in MoneyGram. This is what the CEO and Chairman of MoneyGram Alex Holmes had to say about the collaboration:

“Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry – for the first time ever, we’re settling currencies in seconds. This initial success encourages us to expedite expanding our use of On-Demand Liquidity.”

Both Parties Involved Are Sure to Win

Ripple started collaborating with MoneyGram back in 2018 when MoneyGram begun running its pilot program for testing the digital token XRP in order to reduce money transfer costs. In June 2019, the cryptocurrency giant Ripple bought $30 million worth of shares at MoneyGram and signed a 2-year partnership that requires the money transfer company to use XRP when making cross-border payments. When this happened, Garlinghouse said the deal is a crucial milestone in the cryptocurrency space because it helps Ripple prove how efficient the blockchain technology is, while MoneyGram is allowed to remain profitable in times of struggle.

New XRP Markets

The Ripple MoneyGram partnership has proven to be a success, seeing that now Ripple’s ODL solution is processing 10% of the MXN-USD Moneygram transactions. The liquidity index for XRP has gone over the Mexican exchange Bitso’s 6 million mark. With this new investment, MoneyGram will continue expanding to European and Australian markets and the adoption of XRP will be boosted. On November 23, XRP surpassed other major coins and set a new high for the daily transaction volume.

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Author: Oana Ularu

Ripple’s On-Demand Liquidity Accounts for 10% of MoneyGram Payments from the US and Mexico

  • Ripple previously purchased a large stake in MoneyGram before the implementation of xRapid.
  • Industry players want efficient and inexpensive options for their transactions.

Earlier in the summer of 2019, MoneyGram decided to implement xRapid, which is the On-Demand Liquidity product available through Ripple. Ripple had preceded the implementation by purchasing a large stake in MoneyGram, and recent comments by chief executive Alex Holmes reveal that remittances using ODL and XRP have already started being sent from Mexico. Of these transactions, 10% are using Ripple’s product.

Holmes made his remarks during Swell 2019, speaking with Ripple CEO Brad Garlinghouse. The former expressed how he feels about the present current remittance industry, as well as the way that MoneyGram contributes to the leveraging of blockchain and digital assets.

Through the last decade, additional competition in the industry has allowed remittance to evolve.

Holmes stated,

“What has amazed me the most is the amount of pressure that legacy players face. The fundamental challenge of moving money around the work is that there isn’t a lot of coordination between financial institutions and there should be more solutions to connect all these pieces. More and more companies are looking to make the economy move like it should.”

Holmes continued, saying that money will continue to move around the world, regardless of the challenges that it faces in political or economic struggles. He stated, “Every industry must be omnipresent and understand what their customers want.” Technology is one way that industry players are working to remedy these demands for low-cost, fast, and transparent transactions. Discussing the new product from Ripple, Holmes expressed that the project positions them “at the forefront of this technology.”

Brad Garlinghouse said, during an interview, that Holmes had previously complained that Ripple was moving too slowly with their progress on ODL. While both Ripple and MoneyGram were happy with the 10% use, both companies hope to expand the use of ODL to four global directions. The companies also use a cloud service to benefit customers with their transactions.

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Author: Krystle M

MoneyGram to Open New Corridors for Ripple’s XRP-using ODL Before the Year Ends

  • New corridors coming – MoneyGram reveals in its Q3 2019 earnings call
  • Ripple partnership makes MoneyGram the first company to utilize blockchain capabilities at scale
  • Ripple Partnership will be a competitive differentiator in the months and years ahead

Ripple’s latest partner MoneyGram in its Q3 2019 financial results revealed its expansion plan regarding Ripple.

As the report stated, it was the first company to utilize blockchain capabilities at scale through its strategic partnership with Ripple.

“Our third-quarter results reflect the continued transformation of our business as we increasingly focus on customer experience improvements, cross-border digital growth and industry-leading innovation through our strategic partnership with Ripple,”

said Alex Holmes Chairman and CEO.

The company reported a loss of $0.03 per share in Q3 of 2019 and its revenues fell 6% to $325 million, less than the expected $334 million. The company earned $285 million in revenue in money transfer while total digital transactions represented 20% of money transfer transactions.

Not just in its the US but non-US businesses of the company also recorded growth, shared Holmes.

He added:

“While the US market, which continues to be our primary challenge, showed signs of improvement on a sequential basis, we are very pleased that our non-US business achieved year-over-year growth for the quarter.”

Ripple Partnership will be a “Competitive Differentiator in the Months and Years Ahead”

Now, the company is planning to expand its partnership with Ripple, for which it utilizes its product On-Demand Liquidity (ODL), formerly known as xRapid that leverages digital assets XRP for transactions.

Asheesh Birla, SVP of Product Ripple shard this news on Twitter and what adds to this good news is these new corridors will be coming before 2019 ends which is in less than two months.

However, it came as no surprise, as last week during the 3rd annual DC Fintech Week, as we reported, Ripple CEO Brad Garlinghouse shared that MoneyGram CEO Holmes is actually upset with Ripple because they are “not moving fast enough.”

“He wants us to launch ODL, formerly knowns as Xrapid on more markets, more quickly because they’re having such a good experience with Mexico,”

he added.

As we have seen in Q4, XRP/MXN volume has been making new records, driven by MoneyGram which has been expecting to see the result and “influence in Q4.”

XRP meanwhile is trading at $0.289 with 24 hours loss of 1.24%, a per Coincodex.

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Author: AnTy

xRapid Update: Bitso Liquidity Index Breaks into an ATH as XRP/MXN Trading Gains Momentum

  • MoneyGram facilitating cross-border flows
  • Significant Volume means Ripple doesn’t have to incentivize
  • The Bitso Liquidity Index has broken into an all-time high (ATH).

Mexican licensed crypto exchange Bitso is seeing heightened activity when it comes to XRP/MXN trading. Though the volume in itself isn’t much, it is making progress and continuously growing.

In the past 24 hours, XRP/MXN registered the trading volume of $509,763, accounting for 0.05 percent of all the volume recorded in XRP markets, as per Coinmarketcap.

On Sept. 14, XRP/MXN trading volume surpassed BTC/MXN volume on Bitso. However, currently, while BTC/MXN accounts for more than half at 58.45% of all trading volume on Bitso, XRP/MXN only has about 32% share.

MoneyGram facilitating Cross-Border Flows

Just last month, Breanne Madigan, the head of Global Institutional Markets at Ripple and former Goldman Sachs executive shared despite the trading volume of the digital asset being down 65 percent, XRP/MXN has surged 25 percent.

Speaking at Global Blockchain Policy Forum organized by the OECD on Sept. 13 in Paris, Madigan shared how it works.

With one of its latest partner MoneyGram as an example, she detailed how MoneyGram help facilitate their cross-border flows for someone who lives in the US and wants to send Mexican pesos back to Mexico.

How it works is, through its partnership Ripple send MoneyGrams flow to one of the originating exchanges say Coinbase in the US where the US dollars get swapped to XRP and then they get sent to cross-border to a local exchange in Mexico say Bitso where it takes that XRP and swaps it into local Mexican pesos. The consumer then will receive Mexican pesos directly.

So, Ripple delivered significant cost savings to MoneyGram, a real value proposition to a company that’s affecting the end consumers because their fees will be lowered as a result.

As such as Ripple scale xRapid, its on-demand liquidity product, they’re launching new corridors.

Significant Volume Means Ripple Doesn’t Have to Incentivize

Madigan further states the way they’ve structured their contracts is in such a way that it leaves an opportunity for new liquidity participants to have the incentive to enter.

Since launching MoneyGram into that corridor, “a number of new liquidity participants are realizing there is a real arbitrage opportunity,” and Ripple doesn’t have to pay to incentivize people to make markets because there’s the significant volume going through that corridor.

On another note,

Madigan also talked about how they’ve seen global consensus from countries across the world including the UK, Australia, Malaysia, and Singapore noting that XRP is not a security but in fact a hybrid between a utility and settlement token.

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Author: AnTy

Ripple Rumor: MoneyGram and Visa’s New P2P Debit Card May Use XRP Based On Past Partnership

A very interesting rumor has surfaced in the crypto world this week. MoneyGram has recently announced a partnership with Visa to create a new P2P debit card. Now, the XRP community believes that XRP tokens may be involved in this deal.

The official press release affirms that this new P2P system will be used for money transfers in the U. S. People will be able to send money domestically using the app, which will use Visa Direct.

Visa Direct is a platform that is being used by Visa for payments all over the world. According to Alex Holmes, the chief of MoneyGram, the company is always focused on creating the best experiences and to empower its users to send money to family and friends.

The Rumors About the XRP Use

As you may know, MoneyGram was recently acquired by Ripple. This prompted several people on the internet to believe that the new debit card service may use XRP tokens as a way to transfer money. This would, according to the community, be a huge boost for the popularity of the crypto asset.

XRP tokens are very good for quick international transactions, so the community is betting that the service will be used for international payments when the service finally startds to be used outside of the U. S.

Obviously, many people still doubt this theory and so should you. Despite how quickly this rumor grew in the XRP community, there is absolutely no real indication that the whole theory is true. We’ll still have to wait for a long time before we can be certain that XRP will indeed be used in this new product.

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Author: Gabriel Machado

MoneyGram Is Using XRP In Cross-Border Settlements, Reveals Q2 Report

MoneyGram Is Using XRP In Cross-Border Settlements, Reveals Q2 Report
  • Ripple and MoneyGram established a partnership on June 17th, 2019.
  • The new partnership is expected to help with working capital needs, while improving profits.

MoneyGram has long been one of the largest money transfer companies in the world, so why wouldn’t they take an opportunity to partner with Ripple? Their collaboration just began on June 17th, and the entire XRP community has been abuzz, gossiping over if XRP would be included in the new partnership. To settle any confusion, MoneyGram’s Q2 report reveals that the suspicions are a reality.

More specifically, the report states,

“The commercial agreement allows MoneyGram to utilize Ripple’s xRapid blockchain product, as well as XRP, Ripple’s cryptocurrency, to facilitate cross-border settlement.”

Ultimately, the company believes that the partnership will make it possible to reduce their working capital needs, while bringing in new earnings.

The cryptocurrency community has welcomed the new collaboration with open arms, as has MoneyGram.

Alex Holmes, the CEO of MoneyGram, even called the partnership a “perfect marriage” that would ultimately speed up different processes in the firm. Ripple needs more companies on board with their network, which is where MoneyGram comes in. However, by partnering with Ripple, MoneyGram also makes Ripple into an ally, rather than an enemy, in the payment remittance sector.

As a result of the commercial agreement, Ripple purchased $50 million worth of MoneyGram shares, which are presently priced at $4.10 per share. The agreement states that MoneyGram has the option of selling $20 million more in equity to Ripple between now and June 30th, 2020.

The Global Remittance Market Report shows that MoneyGram International Inc., among others, will play a big role in the rapid growth of the remittance market in the next five years. Involving Ripple in this advancement can only lead to positive outcomes for all parties involved. To view the full report and forecast, visit here.

At the time of writing, Ripple’s native token (XRP) was valued at $0.311004, losing 1.71% in value through the last 24 hours. However, XRP still has a $13.33 billion market cap.

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Author: Krystle M

Ripple’s xCurrent-Based Money Tap Gains Seven New Banks as Equity Holders

Ripples-xCurrent-Based-Money-Tap-Has-Attracted-Investment-From-Seven-New-Banks

Ripple has recently made the news for announcing that it would invest $50 million USD on MoneyGram and SBI Holdings, a Japanese financial services company. Now, the company is on the spotlight again and, fortunately, it is because of good news once more.

The company has recently announced that seven new banks are onboard of its Money Tap initiative, which is powered by the company’s xCurrent technology, based on the XRP Ledger.

Money Tap, in case you are not familiar with this technology, is a payment app launched by Ripple in order to make payments more seamless and faster. With the app, users can transfer money almost instantaneously whenever they want to.

The app also allows for transactions with bank accounts, using QR codes to pay and cross-border transfers. At the moment, only two banks were fully compatible with the system: Suruga Bank and the Suminobu SBI Net Bank.

Now, the Fukushima Bank, Towa Bank, Toho Bank, Chubuko Bank, Shimane Bank and Ashiga Bank, as well as a yet unnamed bank, are all using the Money Tap system, too. The number of banks which have invested in the technology, counting the ones that do not use it, is at 20 now. These banks include Shimizu Bank, Shiga Bank, Hiroshima Bank, Fukui Bank, Shinsei Bank and others.

As you may have perceived, basically all these banks are based in Japan. The Money Tap is becoming pretty strong locally, so there is no doubt that Japan is the main target that Ripple has for this project.

The current goal at the moment is to allow other organizations to participate in this consortium as well, which may bring benefits to them and to their customers. No names were announced, but some financial institutions are already interested in being a part of the new project.

All of Today’s Ripple (XRP) Price Analysis, Chart Forecasts and Industry News

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Author: Gabriel Machado

Ripple Announces New Strategic Partnership With MoneyGram (MGI)

Ripple Announces New Strategic Partnership With MoneyGram (MGI)
  • Ripple signs new partnership with MoneyGram
  • Using xRapid MoneyGram will leverage XRP to have faster and cheaper transactions

Ripple has just signed a new strategic partnership with MoneyGram, one of the largest money transfer companies in the world.

Through this partnership, Ripple is expected to become MoneyGram’s partner for cross border payments and exchange settlements using virtual currencies. The information was released by Ripple in a recently published statement.

Ripple Announces Partnership With MoneyGram

As per the announcement made by Ripple, during the next two years, Ripple will be providing MoneyGram with cross border trading services and foreign exchange settlement through digital assets. At the same time, Ripple has decided to provide a capital commitment to the company, allowing them to draw up to $50 million in exchange for equity.

Through this partnership, MoneyGram will be using the xRapid product developed by Ripple to reduce the reliance on pre-funding bank accounts. Funds would be sent from one currency and settled in another currency in other countries.

The xRapid product uses the XRP digital asset in order to make fast and cheap transfers. XRP is one of the most efficient digital currencies for settlement with transaction fees that are just fractions of a penny.

MoneyGram Chairman and CEO, Alex Holmes, commented about this partnership:

“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.”

At the moment, MoneyGram is operating in a $600 billion global remittance market and it has served millions of customers in different countries around the world. MoneyGram relies on traditional foreign exchange markets in order to be able to meet its market obligations.

After the announcement released by Ripple, the price of the XRP digital asset moved over 5% from $0.43 to $0.45.

A few weeks ago, several rumors spread regarding Ripple purchasing MoneyGram. It seems that Ripple had something prepared, and this partnership seems to be very important for the future of the third largest digital asset.

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Author: Carl T