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MoneyGram, Earthport collaborate to offer Ripple tech-based remittance services
Money transfer and payment services MoneyGram has teamed up with Earthport and announced the launch of a new service that uses Ripple technology and allows users to send money directly to any Romanian bank account in Romania.
Talking about the new service in Earthport website, Pete Ohser, MoneyGram’s executive vice president said, “This is an exciting and innovative opportunity for MoneyGram. We continue to expand our network and provide convenient ways for customers to send international remittances. We look forward to working with an industry leader like Earthport. At MoneyGram, we put the customer first in everything we do. We are certain that our customers will benefit from this continued expansion of our money transfer services.”
MoneyGram will accelerate market development with the capabilities of Earthport’s global network and product suite. Aiming at Romania’s US$3.2 billion inward remittance market, MoneyGram seeks to expand its network and product sets with this new service.
Earthport uses the Ripple Consensus Ledger to facilitate cross-border payments that are faster, economical and more transparent. In January, it announced the launch of its Distributed Ledger Hub (DLH). The new Hub is accessed through Earthport’s Distributed Ledger Gateway, that will provide full connectivity into Ripple, including private Ripple instances, Ripple market makers, and in time, other Distributed Ledgers.
Talking about the launch of new service, Daniel Marovitz, President and COO of Earthport said, “We are delighted to announce this collaborative deal with MoneyGram and tie together two powerful and expanding product sets to offer better services to customers worldwide.”
He mentioned about the focus of this new service as ‘future proof’. He said, “We aim to future-proof our clients through continuous investment in technology, compliance and reach. We look forward to working together on this exciting new development.”
World Bank estimated that $3.2 billion was sent to Romania in 2015. Apart from that, more than $930 million was sent from Italy, $740 million was sent from Spain and another $422 million arrived from Germany.
MoneyGram International Inc. was founded in 1940 and is a money transfer company based in the United States with headquarters in Dallas, Texas. The company works with individuals and businesses through a network of agents and financial institution customers. With operations in more than 200 countries, MoneyGram is the second-largest provider of money transfers in the world.
Earthport is a leading cross-border payments services provider, headquartered in London. It provides clients with access to a global Payment Network, maintaining local banking partnerships, through which client business is settled directly via local clearing to banked beneficiaries in over 60 countries.