MoneyGram pilots Ripple’s XRP currency

Money transfer firm MoneyGram has partnered with Ripple to trial use of Ripple’s XRP digital currency in its payment flows.

XRP is the native digital asset of the XRP Ledger, and has transaction fees of less than a penny – compared with Bitcoin fees of around $30 per transaction. Similarly, the average transaction time for XRP is 2-3 seconds, compared with other top digital currencies which range from 15 minutes to an hour.

Companies such as MoneyGram currently use pre-funded accounts worldwide to source liquidity. According to Ripple, new blockchain technologies have the potential to revolutionise this process, optimising capital deployment for money transfer companies.

Alex Holmes, chief executive officer of MoneyGram, commented: “Every day blockchain technology is changing the norm and encouraging innovation. 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 inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram. Money transfer companies are incredibly important because they help people get money to their friends and loved ones.

“We are excited about this pilot and a long-term strategic partnership with MoneyGram. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information.”

    Share Story:

Recent Stories


Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.