CEO of MoneyGram, Alex Holmes, at the conference hosted by Ripple, Swell 2019, revealed that the company is currently moving 10% of its transaction volume through Ripple’s On-Demand Liquidity platform (ODL) between the United States and Mexico and is also planning to expand into four more corridors by the end of this year.
Ripple had partnered with MoneyGram back in June 2019. Ever since, MoneyGram started using Ripple’s ODL to process cross-border payments through RippleNet. MoneyGram is one of the most prominent money transfer firms. Needless to say, Ripple’s ODL has only further improved its operations.
Alex Holmes said:
“Despite any challenges in today’s landscape, whether political or economic, money continues to move and every industry must be omnipresent and understand what their customers want. […] 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.”
When it comes to cross-border remittance, factions on both sides of fintech innovations and traditional financial institutions can attest to the fact that blockchain is being leveraged to enhance the landscape of the remittance industry. As reported earlier, a top American Express representative also said that Ripple has the potential to transform cross-border transactions globally.
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