Ripple, MoneyGram Announce Partnership to 'Modernize' Payments

Ripple, MoneyGram Announce Partnership to 'Modernize' Payments

Shares of MoneyGram International Inc jumped 10.5 percent on Thursday, after the money-transfer company said it partnered with blockchain firm and bitcoin-rival Ripple. "By using a digital asset like XRP that ‎settles in three seconds or less, our clients can move money as quickly as ‎information."‎.

Investors and traders have reacted positively that the price went up by 20% and many analysts believe the price of XRP token will reach back to $3, which was the price before the coinmarketcap blunder. The current model for these payments requires money transfer companies to use pre-funded accounts across the globe to source liquidity.

The Ripple official twitter handle has tweeted the news that there will be more payment companies like Moneygram joining the usage of XRP in 2018. "We are excited about this pilot and a long-term strategic partnership with MoneyGram".

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There is a very important incentive for payment companies to join the blockchain based instant transfers, staying relevant and keeping the business.

About Ripple Ripple provides one frictionless experience to send money globally using the power of blockchain.

Ripple already boasts joint ventures with American Express and Santander.

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What do you think about XRP, do let us know in the comments.

In addition to this recent news, there was an announcement earlier ‎last month that several Japanese credit cards providers and South Korean banks ‎are testing Ripple's systems for cross-border payments.‎.

Alex Holmes, CEO of MoneyGram said: "Every day blockchain technology is changing the norm and encouraging innovation. We're hopeful it will increase efficiency and improve services to MoneyGram's customers".

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Brad Garlinghouse, CEO of Ripple, added: ‎"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".

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