MoneyGram to Pilot Ripple's XRP Token for International Payments

MoneyGram share price rises after Ripple (XRP) pilot announced

MoneyGram share price rises after Ripple (XRP) pilot announced

Ripple, a blockchain company and rival to bitcoin, on Thursday announced a tie-up with Dallas-based money transfer giant MoneyGram.

The partnership will see MoneyGram pilot the use of XRP through a new Ripple service, called xRapid, created to provide liquidity to financial institutions. Ripple's transaction fees still remain fractions of a penny, while Bitcoin fees are approximately $30 per transaction.

XRP is fast too.

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MoneyGram is testing a pilot program with one of the most popular cryptocurrencies.

Banks within the Japan Bank Consortium are one of many institutions that are actively working with Ripple to solve the multi-trillion dollar problem plaguing the financial industry, corporates and consumers worldwide - the lack of liquidity (or cash) to instantly send or receive low-priced global payments. "By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information".

Alex Holmes, CEO of MoneyGram said: "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. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid.

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International Payments is a multi-billion dollar industry and the current way of using a centralized authority who hold enough foreign reserves to be able to facilitate the cross-border transfers is very inefficient considering the time and cost involved. Dragging it down were concerns that it was overbought and criticism of Ripple's centralized business model, which stands in stark contrast to the decentralization that is key to bitcoin, Ethereum and many other digital currencies. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them.

Worldwide bank payments are slow and the associated fees often remain unknown until after a transaction has reached its final destination.

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    While this news isn't good for investors of virtual currencies, it also doesn't mean that a ban is a sure thing. Ripple's currency XRP fell more than 30 per cent on the day, after hitting an all-time peak of around $3.84.

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