MoneyGram Uses Crypto Solutions For 10% Of Its Transfers Between The U.S. And Mexico

10% of MoneyGram’s business in Mexico and the United States is powered by cryptocurrency-related technologies. 

This is according to MoneyGram CEO Alex Holmes, that shared this information at the Swell event organized by Ripple. 

Crypto Transactions Account For 10% Of MoneyGram’s Business 

Back in June this year, MoneyGram started implementing the On-Demand Liquidity solution by using the RippleNet. 

A few months later, the company is already processing 10% of its transactions between the United States and Mexico using the aforementioned solution. In addition to it, the main goal is to expand into four more corridors by the end of the current year. 

About the technology they are currently using, Holmes commented:

“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.”

With this solution, transfers can be processed faster and cheaper than through normal SWIFT or legacy services. 

Holmes considers that there is not a lot of coordination between financial institutions, which is eventually having a negative effect on how people and companies send and receive money across borders. 

Ripple is working with over 300 companies in different continents in order to make transfers faster and easier, not only for them but also for their customers. 

Holmes believes that financial institutions have the possibility to leverage blockchain and digital assets and push forward with innovation. He went on saying that they are able to settle billions of dollars in just a few seconds through Ripple’s ODL. 

UseTheBitcoin reported a few days ago that MoneyGram and Ria are working together with Walmart to improve money transfer services. This would eventually have positive effects not only on the solutions provided by Walmart but also on those customers using the company’s services. 

Moreover, MoneyGram is also trying to expand its XRP cross-border payments services to other markets. 

By using XRP it is possible to increase liquidity between two corridors by using this cryptocurrency as an intermediary asset. 

Ripple is selling part of the XRP funds the company owns in order to fund its operations and launch new corridors that would power the ODL solution. In the future, the goal is to connect new countries and help MoneyGram, other companies and financial institutions process fast and cheap international transfers.