MoneyGram partners with Ripple to increase payment speeds
Ripple, a provider of the enterprise blockchain product for payments, has partnered with MoneyGram to pilot XRP in their payment flows. As part of this agreement, both companies will also explore MoneyGram's integration into Ripple's ecosystem through xVia.
MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple's solution for on-demand liquidity, according to a press release.
Ripple claims XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to bitcoin 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, according to the release.
"The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram. Money transfer companies are incredibly important because they help people get money to their friends and loved ones," said Brad Garlinghouse, CEO of Ripple, in the release. "We are excited about this pilot and a long-term strategic partnership with MoneyGram. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information."