One of the largest services MoneyGram international money transfer together with Ripple will spend the test money transfers using the Ripple network.
Following this announcement the price of the shares of the company MoneyGram has grown by 10%, which was the best result since March last year. Token XRP, in turn, returned to the position above the two dollars, despite the fact that the last few days the price only fell.
MoneyGram, like many similar companies used for the payments of customers pre-paid account. This sometimes leads to delays. Technology Ripple allows you to transfer money much faster and at least cost.
MoneyGram will use their payment flows xRapid system developed by Ripple. xRapid produces the currency exchange XRP tokens in real time. This gives financial institutions access to working capital and multiple corridors within a single prepaid account.
In other words, MoneyGram will be able to send payments request, and users will be able to track the status of their transactions in real time. Besides this will significantly reduce the costs of currency conversion.
However, according to the same statement, the pilot project does not guarantee that the company MoneyGram will use it XRP.
Created Ripple technology allows banks to send money of customers from one country to another in a matter of minutes. In comparison with traditional money, as well as with other altcoins, the fees here are much lower. When transferring funds trusted intermediary converts the currency of one country to XRP and then send them to another country, where another local broker converts them to local currency.