MoneyGram Collaborated with Ripple for ‘Payment Flow’ Project

Suzette Paulsen

Suzette Paulsen

January 15, 2018 12:06 pm

MoneyGram Collaborated with Ripple for 'Payment Flow' Project | Coindelite News
4496 Total Views

Ripple News

MoneyGram to use Ripple which is also known as XRP for its “Payment Flows.” Companies like MoneyGram use pre-funded accounts to handle the payments, but this process is often slow and can tie up funds for longer than is ideal. MoneyGram’s Alex Holmes told Bloomberg that he hopes that using the Ripple’s blockchain technology could increase the speed of processing the transferable funds.

Holmes told:

“Ripple is at the forefront of blockchain technology, So, we hope it will increase efficiency and improve services to MoneyGram’s customers.”

It is still remained to see when MoneyGram will adopt XRP, but Ripple has had some success in this area before. It currently offers quick and affordable money transfers to users on different continents. Ripple’s fees are lower than traditional services and digital rivals such as bitcoin because it employs several middlemen to expedite and simplify the process.

The entire details of this have not yet been revealed, but MoneyGram’s collaboration with Ripple highlights the changing nature of money payment services such as the Western Union and MoneyGram. As of now, so-called legacy providers remain a dominant force in this industry, but digital competitors such as Ripple are starting to catch up. One only needs to look at the fate of Blockbuster Video to see the dangers of ignoring the shifts in a changing the market.

In addition to being faster than traditional services, XRP could also interrupt this industry by being more affordable. Digital-first companies have the competitive benefit of not having to pay as high costs as their brick-and-mortar rivals. They’re able to pass those savings on to consumers making them an attractive option for the money-alert.

The longterm success of this plan remains to be seen, but the short-term has turned out well for both companies. MoneyGram saw its stock rise by 10 percent. Ripple has also seen an increase of four percent during the same time period.

No Comments
Reason for Hike in XRP Value Explained!!!

XRP prices seem to have Spiked Lately Ripple is generating notable gains as the huge cryptocurrency market pushed higher. According to Coindelite, the XRP token attained a value of $0.8768. Coindelite figures show that Ripple rose by 20% over the last 24 hours and has climbed to its highest since …

Belgium Offers World Food Programme Blockchain Project

World Food Programme Blockchain Project to be Contributed by Belgium According to World Food Programme report, the government of Belgium is going contribute €2 mln for promoting a Blockchain project through World Food Programme (WFP). The donation would allow United Nations (UN) to utilize Blockchain technology to fight against hunger …

Amazon Web Series is Making the use of Hyperledger and Ethereum easy

Amazon Web Series to Start a New service for Hyperledger and Ethereum easy Amazon Web Services has recently announced the service it is going to launch out-of-the-box a blockchain service for Ethereum and Hyperledger Fabric protocols. AWS chief evangelist Jeff Barr wrote in a blog post: “Recently available templates allow …

Australia to Mine Bitcoins by reopening Coal Power Plant

Contract with Crypto Mining firm Signed by Australia to reopen Coal Power Plant A contract has been signed with the IOT Group, a cryptocurrency mining firm by Australia’s Hunter energy to reopen a coal power plant in the Hunter Valley Region of Australia. Although new and advancing technologies are largely …

NY Federal Reserve Chief Nominee says Cryptocurrencies can’t Replace Dollar

Digital Currencies cannot replace Paper Currency says NY Fed Chief Nominee CEO of Twitter Jack Dorsey predicted that Bitcoin would surpass all the world’s currencies in around ten years. But the man nominated to be the head of New York Federal Reserve differs. In a speech on Friday, the present …

Blue Check Mark on Twitter Doesn’t mean your Account is Safe

Bad Checks: Twitter’s Identity Crisis Costs Users More Than Bitcoin According to a Russian Writer, it’s one of crypto’s most generally embraced slogans, though one that’s becoming even more important on social media, where battling factions inclined on promoting the next big high-tech investment are presently turning the very symbols …

Press Release