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.
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.