The money transfer giant, MoneyGram, has launched a new service allowing real-time payment transfer, but the firm reveals that the latest product doesn’t utilize Ripple solutions.
MoneyGram recently introduced FastSend, a new service that enables its clients to transfer payments in real-time to a cell phone number through a website or mobile app.
MoneyGram Doesn’t Use Blockchain
MoneyGram Chief Operating Officer, Kamila Chytil, disclosed that FastSend utilizes Visa’s Credit Transaction to send payments to bank accounts via a Debit card deposit.
While DLT isn’t included, the devoted site and application utilize open-source cloud-based microservices. Kamila also nominates that while Ripple isn’t associated with this service, the firm uses blockchain widely in different areas:
“Today, MoneyGram is utilizing Ripple’s On-Demand Liquidity product which allows MoneyGram to trade FX at a corporate level using XRP. It’s a back-end treasury function that’s not consumer facing. The technology is helping to solve the most expensive and time consuming aspect of the current process by reducing the amount of money the company needs to park around the world, which will eventually reduce working capital needs.”
Chytil also endorsed the crypto market for being responsive — unlike regular markets — and the strength of crypto assets to reduce the transfer times of the currency. Finally, she added that MoneyGram is working at various use cases to increase the usage of Ripple’s tools and is combining with the latest update of Ripple’s service match to offer support to more networks.