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MoneyGram launched a real-time remittance service, but firmās COO told Cointelegraph its blockchain partner Ripple is not involved.
Remittances giant MoneyGram announced a new service allowing real-time money sending, but the solutions of its blockchain partner Ripple are not involved.
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 firmās answers to Cointelegraphās inquiries revealed that surprisingly MoneyGramās latest product does not make use of Rippleās technology.
You donāt need blockchain for real-time settlements
Kamila Chytil, MoneyGram Chief Operating Officer explained to Cointelegraph that FastSend uses Visaās Direct Original Credit Transaction to deliver funds to bank accounts through Debit card deposit.Ā
While DLT is not involved, the dedicated website and app make use of an open source cloud-based micro services. Chytil also pointed out that while Ripple is not involved in this service, the firm uses blockchain-based extensively in other areas:
āToday, MoneyGram is utilizing Rippleās On Demand Liquidity product which allows MoneyGram to trade FX at a corporate level using XRP. Itās a back-end treasury function thatās not consumer facing. The technology is helping to solve the most expensive and time consuming aspect of the current process by reducing the amount of money the company needs to park around the world, which will eventually reduce working capital needs.ā
Furthermore, Chytil said that MoneyGram is also evaluating other use cases āwhere blockchain could help solve data privacy and regulatory obligations through distributed ledger technology.ā Overall, she spoke highly of DLT and cryptocurrencies, noting that the firm believes blockchain to be the future of global cross-border payments and money transfers.
Chytil also praised the cryptocurrency market for being always active ā unlike traditional markets ā and the ability of crypto assets to shorten the delivery times of the currency. Lastly, she said that MoneyGram is looking at multiple use cases to maximize the use of Rippleās tools and is integrating with the latest version of Rippleās service suite to offer cash-out service to all network members.
Ripple is seeing increasing adoption among financial institutions as a provider of DLT services. This month, Bangladesh-based Bank Asia ā which holds over $3.4 billion of assets ā has joined Rippleās RippleNet blockchain-based financial services network.
Rippleās crypto asset XRP, also recently hit a 7-month high of $0.33 as Cointelegraph reported yesterday. Still, over the last 25 hours to press time the cryptocurrency later lost about 7.82% of its value.
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