Visa-based real-time remittance tech revealed by MoneyGram, Ripple is not involved

Monday 17 February 2020 13:49 CET | News

Remittances company MoneyGram has unveiled a new service which allows real-time money sending, but the solutions of its blockchain partner Ripple are not involved.

Dubbed FastSend, the service enables its customers to send money in real-time to a phone number via a dedicated website or mobile app. However, Still, Cointelegraph revealed that MoneyGram’s product does not make use of Ripple’s technology. FastSend uses Visa’s Direct Original Credit Transaction to deliver funds to bank accounts through debit card deposit.

Moreover, although Ripple is not involved in this service, the company uses blockchain-based extensively in other areas: MoneyGram is using Ripple’s On Demand Liquidity product, allowing MoneyGram to trade FX at a corporate level using XRP. MoneyGram is looking at multiple use cases to maximise the use of Ripple’s tools and is integrating with the latest version of Ripple’s service suite to offer cash-out service to all network members.

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Keywords: MoneyGram, real-time remittance, Visa, Ripple, money, blockchain, transfers, accounts, debit cards, credit cards
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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