Marjan Delatinne, the global head of banking at Ripple, has recently spoken at the Global Blockchain Summit by talking about some of the most popular topics with crypto investors. According to Delatinne, one of the main developments for the company was to start its partnership with MoneyGram, which began last week.
The partnership, as it was affirmed, has vital importance to the ecosystem because MoneyGram is currently one of the largest payment providers in the whole world. Because of this, a company such as Ripple simply has to work together with these giants.
Now, MoneyGram will use Ripple’s service, xRapid, in order to transfer funds around the world. This is considered a huge victory for the company, so xRapid can finally take-off.
So far, xRapid has been a very exciting technology for XRP holders, as it is one of the Ripple’s main products. Partly, all the excitement comes from the fact that many of these users expect Rippe’s xRapid to help in increasing the price of these assets.
If MoneyGram will use this technology, and the company has made over $20 billion USD in transfers last year, this would be the first time ever in which Ripple would see one of its products reaching a really high scale.
According to Delatinne, xRapid is all about sourcing on-demand liquidity. The focus on liquidity happens because the company believes that people do not give it the attention it deserves. However, liquidity was said to be the main cost behind cross-border transactions.
This happens because, without using a system such as xRapid, the accounts need to be pre-funded in order to make the exchanges work. With xRapid, companies will not need to tie their capital this way anymore and this can lead them to achieve better results.
Delatinne believes that banks are currently using archaic systems and that this makes them “hungry for change”, which is the perfect opportunity for services like xRapid to grow in use.
She also spoke about SWIFT, affirming that Ripple and SWIFT are actually not competitors because both of them have their own value and can work in a complementary way, so institutions and their clients can be helped by both.