Walmart and MoneyGram are working together in order to improve its current Walmart2World payment platform. At the same time, the Ria wiring system, another Ripple partner is participating in this project.
The information about this new partnership was released by Walmart in an official announcement on November 4.
Ripple Partners Work With Walmart On Money Transfer Service
Two large partners of Ripple, MoneyGram and Ria, are currently working with Walmart to improve the system the company is currently using to transfer money.
Although there is no official information regarding Walmart using Ripple’s services, it is possible it would be relying on MoneyGram and Ria that are currently using the solutions provided by the San Francisco-based company.
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MoneyGram and Ripple have been working with the On-Demand Liquidity product in order to make transfers across borders. This solution developed by Ripple uses the XRP cryptocurrency to make transfers faster and cheaper between specific corridors.
Wilbert Noronha, Vice President, Financial Services, Walmart U.S. commented about Walmart’s platforms:
“When we launched Walmart2Walmart and Walmart2World, our goal was to create a platform with money transfer principals that enabled customers to have more choice when transferring money to friends and family around the country and the world.”
He went on saying that the addition of Ria to Walmart2World will create a competitive platform for exchange rates to help deliver more value.
At the same time, Alex Holmes, Chief Executive Officer of MoneyGram, explained that they have worked closely with Walmart for more than 20 years to offer innovative money transfer services for consumers in the United States.
Furthermore, Holmes emphasised that consumers will have better services with better pricing and payout options. He then stated that MoneyGram offers competitive foreign exchange rates that would certainly have a positive effect on Walmart.
Finally, Juan Bianchi, Chief Executive Officer at Euronet’s Money Transfer Segment, declared they are going to be offering customers the possibility to send and receive money at a better value.
UseTheBitcoin reported a few days ago that SBI Holdings is ready to start using XRP for remittances between Japan and Southeast Asia.
The On-Demand Liquidity services that Ripple is currently offering (previously known as xRapid) allows companies and clients to perform cheap and fast cross-border transactions.
Moreover, a few weeks ago, Brad Garlinghouse, the CEO of Ripple, explained Mr. Holmes was upset because Ripple was not moving fast enough offering new corridors for the On-Demand Liquidity services.