MoneyGram processes 10% of US-Mexico transactions via Ripple solution that uses XRP

Money transfer giant MoneyGram processes 10% of its transactions between the U.S. and Mexican corridor via Ripple’s payments solution On-Demand Liquidity (ODL) that leverages XRP cryptocurrency.

MoneyGram chairman and CEO Alex Holmes announced the news on Friday at Ripple’s Swell 2019 conference in Singapore. Holmes added that the company plans to expand the use of ODL solution to four more corridors by the end of this year.

“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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In June, Ripple committed to investing up to $50 million in MoneyGram and the latter agreed to utilize XRP in its money transfer business. Two months later, MoneyGram went live with Ripple's payment solution.

Just yesterday, Ripple announced that “more than two dozen” customers use its ODL solution to settle cross border payments. It added that the overall count of its customers has crossed the 300-mark.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.