MoneyGram Reveals Real-Time Money Sending In Alliance With VISA
Remittances giant MoneyGram declared a new service enabling real-time money sending, though the solutions of its blockchain partner Ripple are not included.
MoneyGram recently published FastSend, a new service that empowers its consumers to send money in real-time to a phone number through a dedicated website or mobile application. However, MoneyGram’s latest product does not make usage of Ripple’s technology.
MoneyGram Chief Operating Officer, Kamila Chytil, explained to that FastSend utilizes Visa’s Direct Original Credit Transaction to transfer funds to bank accounts via a Debit card deposit.
While DLT is not included, the dedicated website and app make usage of an open-source cloud-based microservices. Chytil also noted that while Ripple is not occupied in this service, the firm uses blockchain-based extensively in other areas:
“Today, MoneyGram is utilizing Ripple’s On-Demand Liquidity product, which allows MoneyGram to trade FX at a corporate level using XRP. It’s a back-end treasury function that’s not consumer-facing. The technology is helping to solve the most expensive and time-consuming aspect of the current process by reducing the amount of money the company needs to park around the world, which will eventually reduce working capital needs.”
Moreover, Chytil said that MoneyGram is also evaluating other use cases, “where blockchain could help solve data privacy and regulatory obligations through distributed ledger technology.” Overall, she spoke extremely of DLT and cryptocurrencies, regarding that the firm considers blockchain to be the future of global cross-border payments and money transfers.
Chytil also appreciated the cryptocurrency market for being always active, unlike traditional markets and the ability of crypto assets to decrease the delivery times of the currency. Ultimately, she said that MoneyGram is looking at various use cases to maximize the usage of Ripple’s tools and is combining with the latest version of Ripple’s service suite to offer cash-out service to all network members.
Ripple sees growing adoption among financial institutions as a provider of DLT services. This month, Bangladesh-based Bank Asia — which contains over $3.4 billion of assets has combined Ripple’s RippleNet blockchain-enabled financial services network.
Ripple’s crypto-asset XRP, also lately hit a 7-month high of $0.33. Furthermore, over the last 25 hours to press time, the crypto later lost about 7.82% of its value.