- Major financial institutions join MoneyGram in testing Ripple's XRP cryptocurrency
- Blockchain promises faster, cheaper cross-border payments and money transfers
In a bid to make money transfers easier and cheaper for consumers, several major financial institutions are currently testing Ripple's blockchain and XRP cryptocurrency.
MoneyGram International
Transfer service MoneyGram began testing Ripple earlier this year in an effort to lower costs and speed up international transactions. According to recent reports, Ripple is capable of processing up to 1,500 transfers per second for less than one penny per transaction. Though the MoneyGram partnership with Ripple is limited for now, it's certainly showing promise.
American Express and Banco Santander
American Express and Spain's Banco Santander are working together to implement Ripple's technology for real-world international money transfers. AmEx users will be able to send money abroad to Santander accounts in the UK using the American Express platform, with Ripple's blockchain processing the payments. Considering AmEx's reputation in the US and Banco Santander's huge presence across Europe, the deal gives Ripple an opportunity to test its technology on a much larger scale.
SBI Holdings
SBI Holdings just recently announced a partnership with Ripple, using XRP tokens to launch its latest digital service. SBI will also test Ripple's blockchain to enable faster international transfers between bank customers in South Korea and Japan. As Japan's biggest online securities company, SBI is an ideal platform for Ripple to prove its benefits for individual buyers and institutional clients in Japan.
Deloitte
Global accounting firm Deloitte was among the first companies to try out Ripple's blockchain, using the technology to enable international funds transfers in real-time all over the world by integrating it with the popular Temenos Core Banking Software.
Conclusion
Ripple and cryptocurrency still have obstacles to overcome before they reach mainstream status in the international transfers market, yet these brand-name partnerships should be an encouraging sign for consumers interested in what this technology has to offer.
