Global money transfer service provider MoneyGram has declared their plans for the adoption of XRP token into its payments structure in order to amplify the speed and decrease the cost of international payments.

MoneyGram, the world’s second-largest provider of money transfers made the announcement on Thursday(11th January 2017), explaining that the two companies would come together to commence the open-ended pilot program to boost the efficiency of company’s internal processes.

“The problems related to the payments don’t just affect banks, it also affects companies like MoneyGram, which help people to transfer money to the ones they care about,” said the CEO of Ripple Brad Garlinghouse. “with the help of digital currencies like XRP that settles in three seconds or less, our clients can transfer money as quickly as digital information.”

MoneyGram will combine XRP through Ripple’s on-demand liquidity product, xRapid which provides real-time foreign exchange settlement to monetary institutions.

“Ripple is at the front position of blockchain technology and we look forward to piloting xRapid,” said CEO of MoneyGram, Alex Holmes. “We’re confident that it will boost efficiency and perk up services to MoneyGram’s customers.”

The news is important for the San Francisco-based Ripple, which has influenced numerous monetary institutions to experiment its enterprise blockchain network (RippleNet) but has seen few of those organizations accept the XRP currency itself.

Due to the lack of XRP acceptance, many analysts have condemned XRP’s latest price rally which made Ripple co-founder Chris Larsen the eighth-richest person in the world.

Garlinghouse possibly targeting these critics, added in a tweet that the announcement from MoneyGram is one step in a marathon to truly make XRP the worldwide liquidity solution for payment providers and banks.

Lately, Garlinghouse declared that at least three major money transfer organizations will adopt XRP in 2018, of which MoneyGram is the first.

Author's Bio: 

Ricky Makan is a venture capitalist and Crypto Enthusiast best known for pioneering the market for Digital Marketing. He is a Co-founder of Unkrypted, a platform which provides the latest news and information that helps understand everything about the ever-evolving world of digital currencies.