MoneyGram is testing a pilot program with a hot cryptocurrency

Superdry

Superdry

Global money transfer company MoneyGram will be teaming up with Ripple, to test Ripple's native XRP token for worldwide payments.

"The payments problem doesn't just affect banks, it also affects companies like MoneyGram, which help people get money to the ones they care about", Brad Garlinghouse, Ripple's CEO, said in a news release on Thursday. The current transaction time for XRP transfers is only 4 seconds.

For MoneyGram, Fortune said, the partnership with Ripple "may provide a way to maintain its share of the money transfer market" amid competition from a new generation of low-priced Internet-based services like TransferWise.

"This notion of using digital currency as a form of bridge funding is not unique to XRP", Fortune said, noting that a year ago, IBM and a consortium of banks in the South Pacific announced a blockchain transfer arrangement that uses a cryptocurrency called Stellar.

Many see it as a close contender to Bitcoin, which is by far the biggest cryptocurrency with a market value of more than $250 billion (roughly Rs. 15.9 lakh crores).

Its transaction fee is just "fractions of a penny" and is much cheaper than the $30 it costs every time you trade in Bitcoin.

Razer Project Linda hands-on: Android phone-powered notebook
Existing Razer Phone users will also benefit from the Netflix and Razer partnership with an over-the-air update later this month. Meanwhile, "all future Razer Phone releases" will come preloaded with the HDR and Dolby Digital Plus 5.1-capable firmware.

To execute cross-border payments today requires financial institutions to rely on a complex web of relationships with correspondent banks in other countries.

Companies such as MoneyGram typically use pre-funded accounts to fulfill customers' transfers, which can tie up capital.

"Ripple is at the forefront of blockchain technology", Alex Holmes, chief executive officer of MoneyGram, said in the statement.

Cryptocurrency Ripple has broken higher after announcing a mainstream partnership with Moneygram.

MoneyGram, the world's second-largest money transfer company, stated that it was "hopeful" the partnership would "increase efficiency and improve services to MoneyGram's customers". Ripple most recently announced it would be teaming up with Amex and Santander for a blockchain pilot to speed up payments between the USA and the United Kingdom. We also provide bill payment services, issue money orders and process official checks in select markets.

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