• 3 years ago
Categories: News

MoneyGram is Testing Ripple products in 3 Continents

“It would be helpful to think of Ripple as a corporation, We make software products and we sell them to banks, payment providers like MoneyGram, just as an example.”

This is what Asheesh Birla, Vc of Product at Ripple, said to Business Insider in this post. Could this be a clue to know the name of one of the 5 leading money transfer companies that is collaborating with ripple?

In his interview with Business Insider, Birla also affirmed that he sees bigger opportunity for both XRP and Ripple in Asia. “They have a bigger risk appetite and we have a big emphasis in India and Japan. In the US market it has been a little bit slow to be honest.”

Talking about XRapid, a Ripple product that seeks to enhance cross-border payments for emerging markets, Birla added: “I am blown away with how fast these banks are digging into this. Demand is off the charts.”

In addition to what the VP of Product said to Business Insider, our source, that decided to speak with us on condition of anonymity, (he worked at Moneygram until last year), told us that Ripple, together with Moneygram, is testing xRapid* in Eastern Europe, South East Asia and Australia. He added that the final goal of the companies is to integrate this system in the japanese, mexican and indian market in the next years.

*xRapid is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. Because payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. xRapid dramatically lowers the capital requirements for liquidity. From Ripple Official Website