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Global payments giant MoneyGram is expanding its use of Ripple and XRP.
In a new earnings call, CEO Alex Holmes says MoneyGram plans to launch XRP remittances in additional corridors and utilize RippleNet for account-to-account transfers.
“Our progress on the Ripple partnership has been instrumental in helping us lead the evolution of digital P2P payments… Today, our trading volume continues to grow and we’re partnering to expand the service to more corridors.
I’m also excited to announce that we are working to integrate RippleNet for account-to-account transfers in 2020. This new integration will further accelerate our progress in accomplishing our vision of real-time global settlements.”
MoneyGram’s account-to-account feature is designed to let customers easily transfer money between their bank accounts, even if those accounts are located in different countries around the world.
The company has further clarified that the integration will apply to corporate accounts as well.
Although MoneyGram has not specified whether it will utilize XRP for the account-to-account transfers, the company has hinted at the new corridors it plans to explore for the digital asset. Late last year, Holmes said the company is specifically looking at the use of XRP across Asia and in Australia.
“We’re looking now in a lot of the Asian markets. So we’re looking at the Philippines, the interface with Australia, having conversations with Japan, other countries.
One of the most inefficient things about our settlement process in being a US company is that everything is always reverting back to US dollars. It doesn’t make a lot of sense if you need Australian dollars and you need Philippine pesos and you need US dollars. Why can’t you sort of pare those off and just net it through an XRP platform?”
This year, Ripple completed the acquisition of its $50-million stake in MoneyGram after partnering with the company in June of last year. MoneyGram is now the largest and most high-profile user of Ripple’s XRP remittance product. Ten percent of MoneyGram’s transactions between the US dollar and Mexican peso are utilizing XRP.
Featured Image: Shutterstock/Nadezda Murmakova