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Moneygram shuns XRP in latest settlement product

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4 hours ago, Chris_Reeves said:

Let's take a breath and think about this.... what did this news change? They're using Visa Direct in areas where they have a strong nostro/vostro presence without RippleNet members available to leverage the "xCurrent" component of RippleNet. This is no surprise as I'm sure they're using Swift GPI in areas as well. That being said, for Moneygram to specifically say that their treasury department is utilizing the ODL portion of RippleNet in their cross border flows is absolutely amazing! Sure, we'd love to see all of the small transactions utilize RippleNet but there isn't enough liquidity and market makers to allow this to be a reality in the short term so their treasury department is creating batch orders that most likely match the combined amount of cross border flows going through their systems. So a few things:

1. Why is this surprising? We all knew it was batch transactions just by looking at the consistent $$ sent through ODL

2. Would you expect it to be any different? The goal is for this to facilitate the elimination or significant reduction in nostro/vostro accounts, something directly controlled by treasury departments

3. Do you think it'll be this way forever? We're in maybe the "walk" phase of "crawl, walk, run" and this news, to me, is showing significant progress and positive implications for RippleNet as a whole. Moneygram is upgrading all of their tech, even in areas where Ripple cannot currently be effective. It's like being concerned that SBI will use Swift for some transactions while implementing RippleNet.

 

We're early. Zoom out.

The service Moneygram is offering is payment from visa card to visa card only, and when it goes wrong the user has to go through processes of reversing the payments.  The cost is also ambiguous.

The whole service sounds extremely ropey, and in no way is this a competition to ODL corridors which are secure, very cheap, instant and reliable and do not require prefunding

Crypto Eri has reviewed the service very well in her latest video

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MoneyGram has pushed out a new service called FastSend, but it has elected for Visa over XRP

https://decrypt.co/19635/moneygram-shuns-ripple-xrp-in-latest-settlement-product

 

Are we f*cked?

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