MoneyGram CEO Alex Holmes On Utilizing Ripple’s XRP: “We’re Able to Settle Billions of Dollars in Seconds”

Ripple's XRP Hits New Milestone As 80% Of Validators Are Now Being Run By Third-Parties

Ripple is quite known for its very many partnerships that seek to expand the company and also increase XRP adoption by extension. For a while now, Ripple has cemented a mutually beneficial partnership with international payment transfer service MoneyGram, with the two breaking new grounds.

Now, it has come to light that 10% of all the MoneyGram cross-border transactions between the U.S. and Mexico are efficiently settled via Ripple’s On-Demand Liquidity (ODL). Ripple’s solution that utilizes the digital asset, XRP.

MoneyGram CEO Alex Holmes made this known during a conversation with Ripple CEO Brad Garlinghouse, at Ripple’s recent Swell 2019 conference which took place in Singapore. In his speech, Holmes praised the Ripple offering and then added subtly boasted about the fact that MoneyGram is one of the first major companies to exploit the offering.

“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.”

Garlinghouse had previously said during the recently held Fintech Week 2019, that Holmes had expressed to him, MoneyGram’s intention to spread ODL to as many countries as possible, to ease and speed up cross-border payments.

A little later in a recent MoneyGram earnings call, Holmes himself announced plans of this expansion before the end of the year, describing the relationship between both firms as a “competitive differentiator.”

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At the conference, Holmes also said that its user’s needs are constantly growing and more people as well as institutions, have a need for cheap and transparent payment methods.

Furthermore, Holmes added that MoneyGram is quite focused on finding and creating new technologies for better business efficiency, and has kicked off an innovation lab, to find a way to bridge these new technologies – including cloud technology and blockchain – with real-world applications.

“We’re migrating our legacy systems to the cloud and looking at how we can use blockchain distributed ledger technology to improve our core systems.”