CEO MoneyGram: 10% of our transfers between …
MoneyGram CEO: 10% of our transfers between the US and Mexico are done using XRP
Payment company MoneyGram uses On-Demand Liquidity (ODL) solution based on XRP cryptocurrency to process 10% of its customers’ transactions when making transfers between the United States and Mexico. This was announced by the CEO of MoneyGram Alex Holmes at the Swell 2019 conference held by Ripple on Friday..
According to Holmes, MoneyGram expects to add ODL support in four more payment corridors by the end of the year..
“We can transfer billions of dollars in seconds. When MoneyGram transactions are combined with Ripple’s ODL, magic happens, ”he said..
In June, Ripple agreed to invest $ 50 million in MoneyGram. In August, MoneyGram confirmed that it has started using Ripple products in its solutions..
It is noteworthy that many Ripple partners from the traditional finance sector avoid the company’s cryptocurrency service, preferring to be limited by other possibilities of the blockchain it provides. However, Ripple said this week that ODL already has “more than two dozen” customers using it to make cross-border payments. In addition to MoneyGram, these include remittance company Viamericas, remote worker search platform FlashFX, and Peruvian financial services provider Interbank..
The commercial launch of ODL took place last year. According to Ripple, the number of transactions carried out with its help from the end of the first quarter to the end of October has grown by more than 7 times. ODL currently operates in the Mexican, Philippine and Australian markets. Also in the near future, Ripple promises to enter Brazil and open additional payment channels for the Asia-Pacific region, Europe, the Middle East, Africa and Latin America..
At the same time, the RippleNet product, in which the use of XRP is not a prerequisite, experienced a tenfold increase in the number of transactions carried out over the year. The total number of Ripple customers has exceeded 300, according to the latest announcement.
“This has been one of the strongest years for Ripple of all time,” said CEO Brad Garlinghaus. – In 2019 we are seeing an increase in the number of customers, as well as the continued proliferation of RippleNet and ODL “.
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