Group items tagged

It looks like Ripple's much ballyhooed relationship with MoneyGram was just for show. "MoneyGram has had a commercial agreement with Ripple since June 2019; this agreement represents the use of Ripple's foreign exchange (FX) blockchain trading platform (ODL) for the purchase or sale of four currencies. MoneyGram has continued to utilize its other traditional FX trading counterparties throughout the term of the agreement with Ripple, and is not dependent on the Ripple platform to accomplish its FX trading needs. As a reminder, MoneyGram does not utilize the ODL platform or RippleNet for direct transfers of consumer funds - digital or otherwise."

Ripple has struck a deal to buy a stake in money transfer giant MoneyGram that will see MoneyGram using XRP as part of its day-to-day operations by way of Ripple's xRapid transaction product. MoneyGram started piloting the token back in January 2018.

Cross-border P2P payments and money transfers firm MoneyGram launched MoneyGram FastSend, a new service through which consumers can send money quickly and easily to their friends' mobile phone number via the MoneyGram website and mobile app.

MoneyGram is working with cryptocurrency cash exchange Coinme to enable the cash funding and payout of digital currency purchases and sales. The arrangement will see MoneyGram add the Bitcoin service to around 12,000 locations starting this month. International locations will follow. https://coinme.com/blog/from-coinme/partnering-with-moneygram/

MoneyGram announced a new pilot in the Stellar blockchain whereby both parties will launch a live cash-in and cash-out pilot in the United States. Participants can deposit cash into their wallets at participating MoneyGram locations and also send payments internationally via Stellar's USDC. Also, the pilot allows participants to exchange USDC for any fiat currency supported on the MoneyGram platform.

The Stellar Development Foundation (SDF) has recently become a minority investor in MoneyGram International (MGI) during its go-private transaction with Madison Dearborn Partners (MDP). https://stellar.org/blog/sdfs-investment-in-moneygram-international

Ripple has paid MoneyGram $16.6 million of incentives in Q1 2020 for using its RippleNet solution. MoneyGram categorizes these payouts as a "contra expense rather than revenue" and as a "market development fee based on the volume of foreign exchange that we transact on Ripple's platform."

MoneyGram is expanding its debit card deposit service internationally via the Visa Direct real-time push payments platform. MoneyGram becomes the first company in the industry to enable cross-border transfers from the United States using Visa Direct. This service is now available to Spain and the Philippines, and soon to additional countries.

"MoneyGram has partnered with the Stellar Development Foundation to enable consumers to send money using Circle's USD Coin (USDC) stablecoin, and convert directly to and from fiat across its global retail platform. Working alongside Circle, MoneyGram will also enable "near-instant backend settlement," account funding and local fiat withdrawals using USDC. United Texas Bank will act as the settlement bank to complete the process within the regulatory framework."

The United Nations High Commission for Refugees (UNHCR), the Stellar Development Foundation, USDC stablecoin issuer Circle, and cross-border money transfer company MoneyGram have rigged up a system for sending aid directly to Ukrainian refugees using crypto-assets. The UNHCR delivers USDC hosted on the Stellar network, to a digital wallet that can be accessed via smartphone, even to people without bank accounts. The recipient then exchanges their USDC for local currency at any MoneyGram facility. Because the USDC is hosted on decentralized infrastructure and in the custody of individual wallet owners, funds cannot be withheld.

MoneyGram to utilize Ripple's xRapid blockchain product, as well as XRP, Ripple's cryptocurrency, to facilitate cross-border settlement.

Since the partnership with MoneyGram, the XRP market in Bitso (Mexico) has been steadily growing.

In its recently filed annual report to the U.S. Securities and Exchange Commission MoneyGram reports $11.3 million in revenue as a result of its Ripple partnership. Ripple Labs pays the remissions company as an incentive to use RippleNet in its operations.

MoneyGram recently announced FastSend, a new service that allows its customers to send money in real-time to a phone number via a dedicated website or mobile application. Still, the firm's answers to Cointelegraph's inquiries revealed that surprisingly MoneyGram's latest product does not make use of Ripple's technology.

MoneyGram is planning to expand its partnership with Ripple, for which it utilizes its product On-Demand Liquidity (ODL), formerly known as xRapid that leverages digital assets XRP for transactions.

MoneyGram processes 10% of its transactions between the U.S. and Mexican corridor via Ripple's payments solution On-Demand Liquidity (ODL) that leverages XRP cryptocurrency.

MoneyGram will use Ripple's On-Demand Liquidity (ODL) solution in Australia, Europe and other important markets.

Because it's fast and reliable, the ODL system provided by RippleNet is being used by MoneyGram International. MoneyGram clients are being offered lower costs, convenience, speed and reliability.

In a recent CNN International interview, the CEO of MoneyGram Alex Holmes explained that Ripple and the services provided were very important for the company considering they were performing a deep digital transformation. At the same time, he talked about how XRP is helping the company to reduce costs.

MoneyGram launched its stablecoin-powered payment channel, giving users the ability to send USD Coin (USDC) payments worldwide that can be withdrawn as cash by recipients. The service is being rolled out across several key remittance markets, including Canada, the United States, Kenya and the Philippines. Global cash-out functionality will be available by the end of June. To encourage adoption, the USDC transfer service will carry zero fees for the first 12 months. The new transfer service was built on the Stellar (XLM) blockchain and allows Stellar wallet users to send USDC to recipients around the world.