MoneyGram money transfers system announced partnership with Ripple

One of the world’s largest MoneyGram cash transfers announced partnership with the Ripple financial decisions supplier, in which XRP tokens will use in its processes. This is stated in the official Ripple blog.

To this end, Moneygram uses the Xrapid system created by Ripple.

According to the company, thanks to this, MoneyGram will be able to solve the liquidity problem, which most financial institutions are traditionally encountered, while saving time and money. At the same time, MoneyGram customers will have the opportunity to send funds in real time with complete transparency and reliability of the process.

“Ripple is in advanced positions in blockchain technology, and we are looking forward to the start of the Xrapid pilot launch. We hope that we can increase efficiency and improve the quality of customer service ", – said CEO MoneyGram Alex Holmes.

The news of the partnership of Ripple and MoneyGram instantly led to an increase in the price of XRP on exchanges – for a short period of time, the weighted average coin exchange rate, previously dropped to $ 1.62, rose above $ 2.

Recall that at the end of 2017, Ripple announced the launch of initiative to develop infrastructure, which should help banks and other financial organizations with the introduction of innovative decisions into their processes.