Nearly 6 months on from when one of the world’s largest money transfer companies made its plans to implement RippleNet’s On-Demand Liquidity (ODL) solution public, the company’s chairman and CEO, Alex Holmes, announced that the company – at its current state- moves 10% of all transactions between Mexico and the US via ODL.
During his on stage announcement at Swell 2019, Holmes also made it clear that the MoneyGram plans to spread into four more remittance corridors by the time 2019 comes to a close. When speaking to Ripple CEO, Brad Garlinghouse, Holmes made note of the current state of global remittance and how the use of new innovations like Blockchain and Cryptocurrency are being leveraged by MoneyGram to bolster its already sure-footed stance as an international money transfer institution.
“What has amazed me the most is the amount of pressure that legacy players face. The fundamental challenge of moving money around the world is that there isn’t a lot of coordination between financial institutions and there should be more solutions to connect all of these pieces. More and more companies are looking to make the economy move like it should,” Said Holmes.
In order to better position MoneyGram in this space, Holmes and the rest of the Moneygram team have started to experiment with the possible application of newer technology to help bridge the gap between the current state of international remittance, and consumer demand for transparent, cost-effective and instant cash transfers.
“We’re migrating our legacy systems to the cloud and looking at how we can use blockchain distributed ledger technology to improve our core systems,” as Holmes elaborated.
In the business of global remittance, MoneyGram built its reputation on the efficacy of its global liquidity and settlements engine, through which customers are able to send funds to and from 200+ regions. For Holmes, the partnership with RippleNet is represents mutuality in their desire to become pioneers in this space.
“What I love about ODL is that we’re completely at the forefront of this technology … We’re able to settle billions of dollars in seconds. The magic really comes from pairing MoneyGram transactions with Ripple’s ODL.” Said Holmes.
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