MoneyGram discloses a real-time money transfer service using Visa technology, not Ripple

Ripple MoneyGram partner expands service to India

Money transfer giant MoneyGram has just announced a new service that allows real-time deposit, but not related to the solutions of blockchain partner Ripple.

MoneyGram's new product is called FastSend - a service that allows customers to send money in real time to a phone number through a dedicated website or mobile application. However, as noted by CoinTelegraph, this new product of MoneyGram did not use Ripple's technology.

Real-time payments do not require blockchain

Kamila Chytil - CEO of MoneyGram, explained to CoinTelegraph that FastSend uses Visa's Direct Original Credit Transaction to transfer money to a bank account via Debit card deposits.

Although not related to Distributed Ledger (DLT) technology, websites and applications use an open source cloud-based micro service. Chytil also pointed out that although Ripple does not participate in this service, the company still uses blockchain in many other areas:

“Today, MoneyGram is using Ripple's Liquidated Demand Product - allowing MoneyGram to trade FX at the company level using XRP. It has an auxiliary treasury function without burning the face with consumers. This technology is helping solve the most costly 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 the need for working capital. ”

Furthermore, Chytil said MoneyGram is also evaluating other use cases in which blockchain can help solve data privacy and legal obligations through distributed ledger technology. Overall, she talked a lot about DLT and cryptocurrencies, noting that the company believes blockchain will be the future of cross-border payments and global remittance.

Chytil also didn't forget to praise the always-functioning cryptocurrency market - unlike traditional markets - and the ability of crypto assets to shorten the delivery time of the currency. Finally, she said that MoneyGram is looking at many use cases to maximize the use of tools and Ripple, and is integrating with the latest version of Ripple's suite of services, to provide withdrawal services. Money for all network members.

Ripple is witnessing the proliferation of financial institutions as DLT service providers. This month, Bangladesh-based Asia Bank - which holds more than US $ 3.4 billion of assets - joined the RippleNet blockchain-based financial services network.

Ripple's XRP token recently reached a 7-month high of $ 0.33 as Toiyeubitcoin reported yesterday. However, in the last 24 hours as of the writing time, the price of this token has lost nearly 10%.

Maybe you are interested:

Join our channel to stay up to date on the most useful news and knowledge at:

According to CoinTelegraph
Translated by ToiYeuBitcoin


seo marketing wordpress seo seo hosting seo and marketing word press seo wordpress and seo wordpress marketing hosting seo seo press pro market seo seo & marketing seo e marketing e marketing seo seo pro wordpress marketing & seo seo di wordpress wordpress seo host hosting and seo wordpress hosting seo wordpress seo wordpress wordpress for marketing seo press wordpress marketing for seo