MoneyGram CEO and Chairman Alex Holmes voiced his opinions about the firm’s collaboration with Ripple. Speaking at the Q3 2019 Results Conference Call, he expressed his optimism about the company’s partnership.
MoneyGram CEO highly optimistic on the partnership with Ripple
Ripple had announced its partnership with MoneyGram earlier in June. The Fintech company’s experience in the blockchain sector and the wide reach of MoneyGram is sure to shake the financial world.
Ripple stated that the agreement has an initial partnership of two years. Ripple would facilitate cross-border payment for MoneyGram and handle all “foreign exchange settlement” through virtual currencies. Ripple has also agreed to provide Capital commitment, one that would allow MoneyGram to draw up to fifty million US dollars (USD) in exchange for equity across the two-year period.
At the time, MoneyGram’s CEO stated that the company would able to settle funds from USD to destination currencies through Ripple’s network. xRapid would allow MoneyGram to operate as such 24/7 and would drastically reduce the cost and time consumed in the process. It would also streamline the system and increase global liquidity.
Now MoneyGram CEO has announced some interesting details regarding the partnership. He started by announcing that the company has successfully integrated Ripple in their system to settle cross-border trades. He highlighted that the company has steadily been increasing its usage of Ripple’s liquidity product for services to Mexico.
As a result, the company is going to expand its “corridors” before the year ends. The company is also making a “roadmap” on potential use cases for its digital payment offerings.