XRP Up 10% as Ripple Signs MoneyGram For Real-time Money Transfers

Ripple rose 10 percent Thursday after news that its San Francisco-based ‎startup has partnered with global money transfer company MoneyGram to ‎utilize its Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology.‎

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The pilot run will see MoneyGram using XRP to introduce blockchain-enabled ‎cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. MoneyGram will tap Ripple’s on-demand liquidity product, ‎xRapid, to make blockchain payments commercially available, reducing the time ‎and cost of settlement, while maintaining the level of security. ‎

MoneyGram‎ customers making payments on its international platform will ‎have access to Ripple's new enterprise solution, which enables real-‎time FX settlement through its cryptocurrency, XRP. xRapid will become a ‎feature in Ripple's partnerships with banks and other financial companies ‎further down the line, as it gives these institutions the ability to unlock ‎liquidity and access multiple corridors with one pre-funded originating ‎account.‎

Ripple said that it has tested xRapid as a means of speeding up ‎payments, and that it would reduce money transfer fees whilst ‎allowing senders/receivers to have real-time insight into the status of their ‎payments.

Several trials have allegedly been conducted with great success. Transfers that used to take days will be completed in real-time, providing instant, trackable, cross-border payments.

Ripple suggested that the blockchain ‎project could eventually be extended worldwide.‎ The company said in a tweet last week that three of the top five money transfer companies worldwide will be implementing Ripple’s XRP token in their payment flow systems in 2018.

Ripple’s MoneyGram partnership fits in nicely with its big plan to become the crypto payment solution of choice not just on the web, but also through brick-and-mortar transfer providers.

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

Commenting on this, Alex Holmes, CEO of MoneyGram, said: ‎“Ripple is at the forefront of blockchain technology and we look forward to ‎piloting xRapid. We’re hopeful it will increase efficiency and improve services ‎to MoneyGram’s customers.”‎

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. By using a digital asset like XRP that ‎settles in three seconds or less, our clients can move money as quickly as ‎information.”‎