MoneyGram Unveils Real-Time Money Sending Service Without Ripple Tech

Introducing FastSend: The New MoneyGram Service

MoneyGram has stepped into the limelight with its latest offering, FastSend, which boasts the ability to send money in real-time to just about anyone’s phone number. Gone are the days when you had to wait for your funds to appear like a magic act; now, you can enjoy instant transfers using their dedicated website or mobile app.

Not Your Typical Blockchain Affair

In a turn of events that has left many scratching their heads, MoneyGram clarified that FastSend isn’t powered by its well-known blockchain partner, Ripple. Instead, the operation smooths through Visa’s Direct Original Credit Transaction. Kamila Chytil, the Chief Operating Officer of MoneyGram, stated that this approach allows for deposits straight into bank accounts via debit cards, and in all honesty, who doesn’t have a debit card these days?

Where’s the Blockchain?

You might be wondering, is blockchain even in the picture? Well, the answer is a complicated maybe. Chytil explained that while FastSend sidesteps the whole blockchain affair, MoneyGram still extensively uses Ripple’s On Demand Liquidity product behind the scenes. This technology facilitates currency exchanges at a corporate level using XRP, which sounds great for them but doesn’t exactly set the consumer’s heart racing.

The Back-End Benefits of Blockchain

According to Chytil, the real charm of Ripple’s tech lies in its efficiency. By employing XRP for currency exchanges, MoneyGram reduces the cash they need stashed across the globe, effectively cutting down on working capital requirements. It’s a bit like decluttering your closet: less stuff means more space to breathe—or in this case, more cash flow.

Looking to the Future of Blockchain

Chytil is optimistic about the future of blockchain and cryptocurrencies. She mentioned that MoneyGram is exploring various avenues that DLT might offer, especially in the realms of data privacy and compliance. Who knew that blockchain could double as a digital privacy advocate too?

Ripple on the Rise

Meanwhile, Ripple is gaining traction with financial institutions, recently welcoming Bangladesh-based Bank Asia, which boasts over $3.4 billion in assets, into its RippleNet family. It seems like the ecosystem is thriving, with XRP even hitting a temporary peak of $0.33 before taking a slight nosedive. Volatile, much?