In early 2018, MoneyGram announced its partnership with Ripple Labs, and in recent years, many began to think that the service has passed the testing stage of the blockchain. To stop speculation, recently, MoneyGram, through its official Twitter account said they are testing xRapid from Ripple for international transfers between countries. At the moment, the test is not intended for normal users.
MoneyGram International Inc. was founded in Dallas, Texas in 1940, which still is their headquarters. They provide services for money transfers. In addition, the company is the second largest in the world, the international service of money transfers, having more than 347000 agencies in two hundred countries.
Often if people want to transfer money abroad, not resorting to banking services, the more likely they will choose MoneyGram. Their services are relatively quick and cheap compared with those offered the traditional system SWIFT. The cost of translation is usually about 5% of the amount, and the time the transfer takes a few hours, unlike the SWIFT where the waiting time is several days.
The current competitive advantage inherent in a MoneyGram, due to the fact that the company does not rely on the traditional financial system, as do most other firms in this business. But they found a way to develop your own system for internal use, which eliminates many of the problems that have become commonplace for cross-border transfers. They have sort of their own parallel global financial system.
As mentioned in the beginning, MoneyGram, in its official Twitter account said they are testing the platform xRapid from the Ripple of checking out how useful it can be a new technology to improve customer service MoneyGram.
This does not mean that customers will be able to use xRapid for transactions, but rather that they will be included in the internal work of the company in addition to their current proprietary systems. So customers can feel the difference in eliminating some of the problems, even if they can’t use the product directly, like a lower fee for the translation.
This is a very well-both for Ripple and for MoneyGram. Because Ripple positioned the token XRP as an intermediary coin, which allows to make money transfers around the world more cheaply, quickly and reliably.
Ripple slowly but surely does this by providing strategic partnerships with many of the most important banks and financial institutions in the world. MoneyGram, on the other hand, always wants to have a large share in the world market, and their user base could increase significantly if their service will be much cheaper and faster.
Again, it is important to make clear that this does not mean a guaranteed acceptance of the technology. This testing is now intended only for internal use MoneyGram and directed on improvement of liquidity transfers.
Ripple is probably the blockchain that is stronger than all the world is pushing for the introduction of cryptocurrencies (particularly XRP). Although the company is also struggling to XRP was a retail token, the priority remains its introduction into the mainstream financial system for use in it.
These ads are critical to cryptosphere because they show that people, businesses and investors outside of the stock market begin to realize the advantages inherent in cryptocurrency, you begin to trust them and start testing them as a viable solution. It is even more important in this interested in banking and financial institutions, who are most skeptical and pessimistic about the blockchain, its reliability and applications.
If MoneyGram will move to full use of xRapid, that capital will increase the demand for XRP, which can lead to an increase in its price. And unlike the current state of most tokens on the cryptocurrency markets, this increase would not be purely speculative, and is based on the real economy.
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