MoneyGram, one of Ripple’s highest-profile partners, is working with two web giants to help streamline the effectiveness of its cross-border payment services.
Both Amazon Web Services and Google Cloud are assisting the peer-to-peer payments company with its “multi-cloud strategy,” which is designed to increase flexibility and lower both risks and costs.
“MoneyGram is integrating with the leader in cloud-based applications, AWS, to bring scale to the company’s transaction processing engine. Additionally, MoneyGram is using Google Cloud as its data and analytics engine to better understand customer behavior and deliver a more personalized experience.”
This year, Ripple completed the acquisition of its $50-million stake in MoneyGram after partnering with the company in June of 2019. MoneyGram is now the largest user of Ripple’s XRP remittance product, On-Demand Liquidity.
Ripple also partnered with the Mexico-based crypto exchange Bitso to facilitate XRP settlements into the country, and the exchange is now processing 10% of MoneyGram’s flows into Mexico using XRP.
Says Kamila Chytil, MoneyGram’s chief operating officer,
“Over the last few years, we’ve invested in the latest, cutting-edge technologies to build an agile organization ready to scale.
No part of the business has been left untouched by our digital transformation as we’ve worked tirelessly to build a modern, mobile, and API-driven platform and expand our direct to consumer digital capabilities to over 67 countries.”
MoneyGram CEO Alex Holmes says the company launched additional corridors utilizing XRP late last year. However, the company has yet to officially reveal the locations and volume of the new corridors.
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