Category Archives: Alex Holmes

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Moneygram, Ripple Partner to Provide Cross-Border Payments Settled in Seconds

Ripple and Moneygram entered into a partnership earlier this year, with Ripple agreeing to invest a total of USD 50 million into Moneygram stock, and to buy that stock above market value in order to provide funds for the latter’s expanding operations. Now, Ripple has completed this commitment via a final USD 20 million investment, but this is only the beginning of the partnership between the two financial giants. With Ripple’s On-Demand Liquidity service, which uses the XRP cryptocurrency, Moneygram is now able to settle cross-border payments within seconds.

Moneygram Chairman and CEO Alex Holmes says that these are the fastest ever settling times for cross-border payments in the history of the company. The experience will now lead to the use of Ripple’s On-Demand Liquidity service expanded worldwide. Already, 10% of Moneygram’s Mexican peso foreign exchange trading volume is handled through Ripple’s service, with four additional On-Demand Liquidity corridors being opened up in Europe, Australia, and the Philippines.

It seems that the partnership between Ripple and Moneygram is an excellent example of how cryptocurrency and blockchain technology can revolutionize global money remittance systems.

 

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MoneyGram: 10% of US-Mexico Transactions Use Ripple's ODL

MoneyGram: 10% of US-Mexico Transactions Use Ripple’s ODL

MoneyGram: 10% of US-Mexico Transactions Use Ripple's ODL

CEO of MoneyGram, Alex Holmes, at the conference hosted by Ripple, Swell 2019, revealed that the company is currently moving 10% of its transaction volume through Ripple’s On-Demand Liquidity platform (ODL) between the United States and Mexico and is also planning to expand into four more corridors by the end of this year.

Ripple had partnered with MoneyGram back in June 2019. Ever since, MoneyGram started using Ripple’s ODL to process cross-border payments through RippleNet. MoneyGram is one of the most prominent money transfer firms. Needless to say, Ripple’s ODL has only further improved its operations.

Alex Holmes said:

“Despite any challenges in today’s landscape, whether political or economic, money continues to move and every industry must be omnipresent and understand what their customers want. […] What I love about ODL is that we’re completely at the forefront of this technology … We’re able to settle billions of dollars in seconds. The magic really comes from pairing MoneyGram transactions with Ripple’s ODL.”

When it comes to cross-border remittance, factions on both sides of fintech innovations and traditional financial institutions can attest to the fact that blockchain is being leveraged to enhance the landscape of the remittance industry. As reported earlier, a top American Express representative also said that Ripple has the potential to transform cross-border transactions globally.

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