International remittance giant MoneyGram says its integration with Ripple’s XRP-powered cross-border payment platform xRapid is now live.
In a new earning’s call, MoneyGram CEO Alex Holmes revealed the company launched xRapid this week, confirming the technology can settle payments in a matter of seconds.
“I am so excited to announce today that MoneyGram is now live and transacting on the Ripple xRapid platform. We started executing trades earlier this week and all signs point to this being a tremendously beneficial relationship for all parties involved. We are literally settling currencies in seconds, and to quote my friend Larry, ‘This is really cool.’”
MoneyGram has not confirmed whether it has started using xRapid to settle transactions on its customers’ behalf, or in which of its 200 countries it plans to use the technology.
Holmes says the company’s partnership with Ripple will help it improve the company’s ability to move money around the world, and it’s not done exploring how crypto and distributed ledger technology can help the company get the edge on its competitors.
“One of the core strengths of MoneyGram is our global liquidity and settlement engine that enables millions of customers to move billions of dollars across 200 countries and territories using over 120 currencies. We believe our settlement engine is a key asset with additional applications and use cases that could lead to new revenue streams down the road.
Our partnership with Ripple will help further improve this core strength. Our internal innovation lab continues to explore new and exciting use cases for crypto, DLT and blockchain as we look to build the model of the future.”
MoneyGram and Ripple first announced their new partnership last month.
Ripple bought $30 million of MoneyGram shares at a premium of $4.10 per share, with the option to purchase another $20 million worth of shares over the next two years.