MoneyGram share price rises after Ripple (XRP) pilot announced

REUTERS  Mark BlinchA Bitcoin sign is seen in a window in Toronto

As part of this agreement, both companies will also explore MoneyGram's integration into Ripple's ecosystem through xVia. The current model for these payments requires money transfer companies to use pre-funded accounts across the globe for sourcing liquidity. MoneyGram will tap Ripple's on-demand liquidity product, ‎xRapid, to make blockchain payments commercially available, reducing the time ‎and cost of settlement, while maintaining the level of security.

Ripple's XRP rose 13 percent to $13.38 on Thursday after MoneyGram made the announcement to use its XRP token for worldwide payments.

"The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram".

We're excited to announce our new partnership with @Ripple!

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The move is significant because the arrangement involves the use of XRP, Ripple's digital currency, which has recently soared in value but also faced questions about its practical uses.

While banks around the world are experimenting with blockchain (the underlying technology behind bitcoin and Ripple) to lower money transfer costs, skeptics of Ripple say its XRP currency is unnecessary to carry out transactions. Ripple provides one frictionless experience to send money globally using the power of blockchain.

Alex Holmes, Chief Executive Officer of MoneyGram, said, "Every day blockchain technology is changing the norm and encouraging innovation. We're hopeful it will increase efficiency and improve services to MoneyGram's customers".

In addition to this recent news, there was an announcement earlier ‎last month that several Japanese credit cards providers and South Korean banks ‎are testing Ripple's systems for cross-border payments.‎. Moneygram International hopes that the move would help transfer money far faster than before, it said in a statement.

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