HOME> News> Ripple partners with MoneyGram to develop an international money transfer service using xRapid
Ripple , a provider of international remittance products centered on the cryptographic asset XRP, announced that it has formed a partnership with MoneyGram, the world’s leading remittance company.
Under the opportunity of two years, Ripple has provided technology that utilizes xRapid to Moneygram’s international remittance service, and will invest up to $ 50 million in exchange for moneygram shares as needed. .
Moneygram is a large company that offers foreign remittance services to more than 200 countries and regions, and has traditionally used the traditional foreign exchange market for payments.
In order to do this, the legal currency of the service area needs to be held in advance in the NOSTRO account, and the low speed of remittance processing is noticeable, as well as the risk of exposing the company itself to foreign exchange fluctuations.
On the other hand, xRapid mediates the money transfer currency and the money reception currency by XRP, so that such risks can be suppressed, and it can be expected to improve processing speed and reduce fees.
Article Source: Ripple
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Author: Yuya 【Coin Desk News】 – Source Post: http://ceesty.com/w137C7
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