{"id":3183,"date":"2018-01-12T03:17:03","date_gmt":"2018-01-12T03:17:03","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=3183"},"modified":"2018-01-12T03:17:03","modified_gmt":"2018-01-12T03:17:03","slug":"moneygram-test-payments-ripple-network","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/moneygram-test-payments-ripple-network\/","title":{"rendered":"MoneyGram To Test Payments With Ripple Network"},"content":{"rendered":"

\"\"MoneyGram International<\/a> Inc (NASDAQ: MGI) announced that it has entered into a partnership with Ripple<\/a>, a block chain technology based real-time gross settlement system, currency exchange and remittance network. MoneyGram will test the Ripple\u2019s payment network xRapid to move funds faster and cheaper.<\/p>\n

Ripple claims that it takes just 2-3 seconds to complete a fund transfer. If that is the case, then it would be a blessing to MoneyGram, which is facing a severe competition from Western Union and other low-cost internet-based transfer services like TransferWise.<\/p>\n

Ripple\u2019s CEO Brad Garlinghouse<\/strong> described the agreement as a strategic one, and said it would prove XRP\u2019s ability to reduce costs for money transfers between friends and relatives.<\/p>\n

Garlinghouse said<\/p>\n

\u201cThe inefficiencies of global payments don’t just affect banks, they also affect institutions like MoneyGram.”<\/p><\/blockquote>\n

However, skeptics do question the need to use the XRP crypto currency to carry out the transactions. Garlinghouse has clarified that the use of Ripple coin<\/a> will obviate the need for money exchanges to use nostro \/ vostro accounts. That will free up the idle capital of banks <\/a>and other financial institutions involved in the money transfer business.<\/p>\n

Notably, IBM has also formed a partnership<\/a> with a consortium of banks in the South Pacific to test a similar facility through a crypto currency named Stellar, an open-source protocol founded in 2014 by Jed McCaleb (who was also involved in the creation of Ripple).<\/p>\n

MoneyGram\u2019s CEO Alex Holmes<\/strong> said<\/p>\n

\u201cEvery 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\u2019re hopeful it will increase efficiency and improve services to MoneyGram\u2019s customers.\u201d<\/p><\/blockquote>\n

Following the news, Ripple coin rallied from a low of $1.51 to a high of $2.20.<\/p>\n","protected":false},"excerpt":{"rendered":"

MoneyGram International Inc (NASDAQ: MGI) announced that it has entered into a partnership with Ripple, a block chain technology based real-time gross settlement system, currency exchange and remittance network. MoneyGram will test the Ripple\u2019s payment network xRapid to move funds faster and cheaper. Ripple claims that it takes just 2-3 seconds to complete a fund […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69,68],"tags":[],"class_list":["post-3183","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-cryptocurrency"],"yoast_head":"\nMoneyGram To Test Payments With Ripple Network<\/title>\n<meta name=\"description\" content=\"MoneyGram announced that it has entered into a partnership with Ripple network to test payments using the latters platform.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/moneygram-test-payments-ripple-network\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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