MoneyGram, the second largest money transfer company in the world, has teamed up with blockchain payment pioneer Ripple in order to create an exciting new pilot project that looks to test and implement the use of Ripple's XRP cryptocurrency to streamline payments and money transfers.
The pilot project will see the integration of MoneyGram's payment network into the Ripple architecture, with the goal being to make it easier for cross-border payments and money transfers to be carried out in a matter of seconds.
This blockchain payment initiative aims to address some of the longstanding issues with the existing international payment infrastructure, which comes with delays and needless costs that Ripple and MoneyGram are looking to reduce. For MoneyGram, the partnership offers the promise of opening up new market share while reducing cost of operations.
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