MoneyGram switches to Ripple’s payment product in five corridors
- According to recent reports by Ripple executives, MoneyGram is now using Ripple's ODL in as many as five corridors.
- The largest one is their US to Mexico corridor, which is currently sending 10% of remittance through Ripple's XRP and ODL.
- Ripple has had success with other partners as well, such as Bitso, which moved $18m of remittance via XRP in late December 2019.
Ripple, the company behind the world’s third-largest cryptocurrency — XRP — became known as the favorite crypto firm of countless banks and financial services. The company does not try to eliminate banks like the rest of the crypto projects. Instead, its goal is to upgrade them by offering them the use of its own payment product.
While the company currently works with over 200 banks around the world, its adoption is still going slow. However, Ripple also partnered up with the international payment remittance platform, MoneyGram, and the platform has seen a lot of potential in Ripple and its On-Demand Liquidity (ODL).
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In fact, MoneyGram started using Ripple’s ODL in five different payment corridors around the world, as reported by Ripple’s senior director of product, Ginger Baker. Baker stated that the XRP-based ODL is currently supporting the US dollar, Mexican peso, Australian dollar, the EU euro, and the Philippine peso.
The Australian dollar is one of the most recent additions to the ODL, as it was added in late 2019.
Ripple partners continue to rely on ODL and XRP
Meanwhile, Asheesh Birla, Ripple’s senior VP of product management, recently commented about the company’s progress, in a Ripple webinar. Birla noted that Bitso moved as much as $18 million of remittance via XRP in the last several weeks of 2019 alone and that the amount has been on the rise of 15-20% every week.
Birla also addressed MoneyGram’s use of Ripple’s network, noting that the payment processor now switched to ODL in five corridors. As a result, around 10% of MoneyGram’s US-to-Mexico corridor — its largest corridor at the moment — is moving over to ODL, and XRP.