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Xrapid transaction volume increase due to MoneyGram


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To rollout IT solution in days is only a Sales Pitch. Training all your human operators around the world to use the new system take years, not days. Setting up the operational procedure and legal docu

Exactly my thoughts for these three reasons: 1) The theory of quarter end settlements via xRapid will be put on test.   2) Recently record high xRapid suspected destination tag tra

Below was posted as an extended interview on June 18, 2019 by Ripple on their Youtube (1 day after Moneygram announcement); it was originally posted (only part of interview) on June 7th on their Rippl

Below was posted as an extended interview on June 18, 2019 by Ripple on their Youtube (1 day after Moneygram announcement); it was originally posted (only part of interview) on June 7th on their Ripple Drop.

Director of Product Management Craig DeWitt:

"Beyond the new functionality that we released, we have a whole suite of tools and developer toolkits that help our partners go live faster, and that means someone new to RippleNet can get going in not weeks, but days."

So by Ripple's own account, Moneygram should be able to get going in days. Now who knows what the terms of contract are and when the deal is live, if it isn't already, and what the timeline is for Moneygram. Perhaps the only way to find out is by waiting, or to ask them directly by Twitter or such.

 

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If Western Union's behavior and comments are anything to go on then I would say that we have a day or two before we start seeing an increase of liquidity flowing, Western Union immediately reduced fees, and also stated "we can sign a deal tomorrow if we need to", to me this implies a sense of urgency, I would imagine Western Union has a pretty good idea about how long they have until MoneyGram's new liquidity corridors start flowing. 

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54 minutes ago, jockeyng said:

To rollout IT solution in days is only a Sales Pitch. Training all your human operators around the world to use the new system take years, not days. Setting up the operational procedure and legal documents take months, not days. The reasonable thing to do is to select a high value corridor as a low hanging fruit and implement xRapid there first. It still should weeks, not days. I believe Q3 2019 is a more reasonable timeline to see real action.

They’ve been working this deal with MG for over 6 months. Perhaps they got it ready early otherwise it’s not 2 years of XRapid usage from the date of signed document and press release. It would be less. 

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1 hour ago, XRP-Jedi said:

If Western Union's behavior and comments are anything to go on then I would say that we have a day or two before we start seeing an increase of liquidity flowing, Western Union immediately reduced fees, and also stated "we can sign a deal tomorrow if we need to", to me this implies a sense of urgency, I would imagine Western Union has a pretty good idea about how long they have until MoneyGram's new liquidity corridors start flowing. 

You really think so?

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31 minutes ago, EcneitapLatnem said:

You really think so?

That's pure speculation. Did Western Union even reduce fees in response to Moneygram + Ripple deal? Source?

In the interview with Alex Holmes (Moneygram CEO), he stated that customers would not notice the switchover to xRapid so we may not even know when it happens:

"It's not the consumer's experience because their experience is going to be the same, but for us it's going to greatly change the way in which we can move money and the efficiencies associated with that which is good for the consumer because it provides an even better product which theoretically would lower prices."

2 hours ago, jockeyng said:

To rollout IT solution in days is only a Sales Pitch. Training all your human operators around the world to use the new system take years, not days. Setting up the operational procedure and legal documents take months, not days. The reasonable thing to do is to select a high value corridor as a low hanging fruit and implement xRapid there first. It still should weeks, not days. I believe Q3 2019 is a more reasonable timeline to see real action.

Agreed. I think Q3 is reasonable (although that is in a few days too) but could be overly optimistic as well. If you take the example of SendFriend where the funding announcement was in February 2019, and xRapid payments launch slated for late June, you might get some idea. That is different for many reasons though (that is only one corridor (Philippines) and a much smaller company, xRapid wasn't announced from the get-go in February, and they may not have been already testing RippleNet (as MoneyGram has been). But on the other hand, for them to drop that video with Craig Dewitt saying Ripplenet can be up and running in days, one day after the Moneygram announcement, it would look really bad on their part if it takes many months or longer.

 

Edited by wrongbenson
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Although the long crypto winter should have taught me a lesson...  I am actually optimistic that something will happen in weeks not months.  Not with WU...  I think that is just noise so far...   actual action may wait until Moneygram results are in.

But with Moneygram I think Ripple have made a splash and will want to keep momentum going.  I don’t think setting up a service on an existing corridor will take long to stand up.  I think they also will push ahead with new corridors also.

I’m going to be disappointed if things aren’t bubbling away in the next few weeks.

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2 hours ago, hallwaymonitor said:

Exactly my thoughts for these three reasons:

Excellent sleuthing there good sir.  Fascinating stuff.  It really does look like that is another corridor...   I’m thinking the ramp up is going to be growing at a xrapid pace.   :JC_doubleup:

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