Right Now it’s about xRapid: MoneyGram CEO on “Perfect Marriage” with Ripple
- Perfect partnership: Ripple has the speed, but not the liquidity, Moneygram has liquidity, but not the speed on the back-end processes
- Right now, Moneygram CEO Alex Holmes says the focus is on improving back-end settlement platform
The partnership gives Ripple the chance to speed xRapid’s global network and Moneygram to place real-time meaningful value into the network and get that liquidity
“I think it's a perfect marriage… it's going to be a great opportunity to show the world what we can do together,”
is how MoneyGram CEO, Alex Holmes describes its partnership with Ripple.
Last week, MoneyGram teamed up with Ripple for the purpose of handling transactions of digital funds across borders for at least two years.
In his latest interview, Holmes shared his reason for going with Ripple, explaining the San Francisco-based startup has been doing “amazing things” and trying to promote cross-border facilitation of payments and money movement.
Being the money transfer company itself but doing things “old-fashioned” in the manner of keeping a lot of money parked in a number of markets all over the world, Ripple makes perfect sense.
With Ripple’s products, they can do real-time settlement and do “some really great things” by utilizing their technology.
Longer Term, Interesting to Facilitate Cross-Border Payments Via Crypto
As for using XRP cryptocurrency, Holmes said right now they are focused on the back-end processing.
MoneyGram’s global settlement engine is its big key to success which makes it possible to make payments in real time but involves pre-planned positioning of cash that is inefficient.
Talking about what does this partnership with Ripple changes for MoneyGram users, Holmes says they looking to improve to back-end settlement program that will provide consumers a better experience, and more real-time payments that means better rates and better opportunities.
“..longer term I think it's very interesting to think about how to facilitate cross-border payments through crypto and maybe get end-consumers more directly involved in the front-end, but right now it's about that settlement platform, it's about xRapid platform…”
xRapid and XRP to be used for Settlement Service
Holmes also revealed that both the company were involved with each other for about 18 months where they did pilot work and had a lot of discussions. Then Ripple came to MoneyGram with the investment plan, saying “you're undervalued as an organization, we think that there's tremendous upside.”
“It's exciting for us and I couldn't be more pleased with the partnership and where we're gonna go together,”
This he explained will help in providing xRapid the liquidity that cryptocurrency in the space lacks and for Ripple to be seen as “a utilitarian token something that can be transacted quite actively.”
“From a platform perspective, xRapid and XRP, as an asset, is the absolute right one to use for the settlement services and it should, if done well, enable others to jump on board and participate as well, because I think it is a bit about the chicken and the egg.”
Holmes is a believer in this space as he says the future of crypto and blockchain is “massive” that create “interesting opportunities.”