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MoneyGram CEO Alex Holmes about partnership with Ripple

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5 hours ago, ObeyTheWafflehouse said:

"And I think the other thing that xRapid handles is you might have a bank that doesn’t want to touch a digital asset. They’re like, ‘We can’t have XRP on our books. We can’t buy it, we can’t sell it. It’s just too much of a regulatory challenge for us.’ But let’s say they want to make a payment into Mexico and they don’t want to have to pre-fund and they don’t want to have to get confirmation three days later. What they can do is they can have an xRapid customer that probably won’t be a bank. It will be a payment company or some other type of institution that uses a digital asset to buy the Mexican pesos as an internal treasury function and then offers those Mexican pesos to the bank. So it’s a workaround to the limitations that we’ve found that we think is adapted to the situation that we’re in today.” -Schwartz via interview at the Future of Fintech conference in New York

my initial question would be, doesn't this still require that the bank in this example hold nostros with MoneyGram to so this?

Or does "as an internal treasury function" mean the need for such is eliminated?

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my initial question would be, doesn't this still require that the bank in this example hold nostros with MoneyGram to so this?
Or does "as an internal treasury function" mean the need for such is eliminated?

Indeed such bank must be a MG client in this example, but they may not want to have a nostro account in every exotic place on earth when it is served by MG....

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5 minutes ago, kanaas said:


Indeed such bank must be a MG client in this example, but they may not want to have a nostro account in every exotic place on earth when it is served by MG....

So how would such banks use MG in this scenario if said banks aren't holding different funds with MG?

 

Can you help me understand how the process might work, and what would be required?

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36 minutes ago, XRPboi said:

So how would such banks use MG in this scenario if said banks aren't holding different funds with MG?

 

Can you help me understand how the process might work, and what would be required?

For a corridor supported by XRapid....   An entity that wants to use MG (which we assume is using XRapid) only needs its native Fiat.  They transfer that domestically to MG who use XRapid to move it to differing fiat at the other end of the corridor.  

MG didn’t hold endpoint fiat or XRP.  

Market makers or general public at each endpoint Crypto Exchange trade XRP for fiat and visa versa. 

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9 hours ago, Tinyaccount said:

For a corridor supported by XRapid....   An entity that wants to use MG (which we assume is using XRapid) only needs its native Fiat.  They transfer that domestically to MG who use XRapid to move it to differing fiat at the other end of the corridor.  

MG didn’t hold endpoint fiat or XRP.  

Market makers or general public at each endpoint Crypto Exchange trade XRP for fiat and visa versa. 

Got it. Can't Moneygram theoretically open many/most its corridors for support with xRapid? 

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31 minutes ago, XRPboi said:

Got it. Can't Moneygram theoretically open many/most its corridors for support with xRapid? 

I think the number 22,000 fiat pairings were mentioned but I guess we will see a gently as she goes approach with Moneygram working on one or two corridors followed by a few more and few more.   It will be very interesting to see it happening as this is all speculation.  No one from Ripple or Mg have told us what to expect.

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Posted (edited)

saw this on etoro thread - looks positive but do not know where the image was picked up from.image.thumb.png.6bbe008e761d4801011ea58ee6d076c4.png

Here's a links saying something similar on SBI.co.jp https://www.sbigroup.co.jp/english/company/group/sbiremit.html on SBIgroup.co.jp

Quote

 

Through its international remittance service, SBI Remit seeks to provide “low fees”, “quick remittance”, and “ser vices that fit the user's lifestyle”, in addition to safety.

Owing to an alliance with MoneyGram International, Inc., a major remittance service provider in the U.S., remittances can be received in 10 minutes at shortest after the money is deposited into SBI Remit, at MoneyGram's agencies of about 320 thousand in about 198 countries and territories. Also, customers can receive money from overseas via SBI Remit.

To cater to customers who wish to send remittances to bank accounts, we are expanding our alliances to cover major banks around the world. Online remittance requests are available for 24 hours a day, and customers can deposit money not only at bank counters and ATMs including Japan Post Bank, but also at FamilyMart convenience stores even after banking hours (available from 7:00 to 21:00).

Forforeigners living in Japan, our websites and customer center are available in multiple languages: Japanese, English, Chinese and Tagalog (as of March 2014). We will keep improving convenience to meet customer needs.

* Please go to www.remit.co.jp

Quote

 

 

Edited by Julian_Williams

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Posted (edited)

"MoneyGram, Visa team up on cross-border.

While KeyCorp focuses on businesses, MoneyGram and Visa are eyeing P2P. The companies recently  
announced a collaborative solution to provide real-time digital disbursements for MoneyGram customers. Recipients in Mexico and the Philippines will be able to receive money instantly 24/7/365 when the service launches in October.


Funds sent via Visa Direct rails can be used instantly with a recipients’ bank-issued Visa debit card or Visa-branded prepaid card. Recipients can also opt to receive the money in cash at an agent-staffed location, where they would have the option to load the funds onto a Visa-branded prepaid card or send them to a linked bank account in real time. Visa’s senior vice president and head of North American push payments, Cecilia Frew, told PYMNTS’ Karen Webster in a recent interview that the service is a new kind of offering for the company. 


MoneyGram is the first cross-border use case for Visa Direct,” Frew said. "

Dated September 2018

https://www.pymnts.com/faster-payments-tracker-september-2018

Edit:

"PayPal and Venmo will leverage the Visa Direct network to enable real time funds transfers, as well – a capability that was first announced on July 21 when details of the Visa/PayPal partnership were disclosed."

"Frew also sees a growing interest in the use of Visa Direct in support of shared economy platforms such as Uber, Lyft, Airbnb, and Task Rabbit, who today use ACH payments to disburse funds to their contractors. "

Dated August 3, 2016

https://www.pymnts.com/news/payment-methods/2016/visa-direct-expands-real-time-payments/

Edited by ObeyTheWafflehouse
Edit 1

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