MoneyGram is looking for more business opportunities in the Asian market by learning more about the On-Demand Liquidity (ODL) platform of Ripple’s XRP.
Alex Holmes, CEO of MoneyGram, said during the Ripple conference in Singapore that MoneyGram is exploring the utilization of ODL platform for international transactions without converting the money to the US dollar back and forth. He added that the company is also looking into using a cross-border transaction platform in the Philippines and the interface with Australia.
Holmes said what’s interesting to him is the optimization of efficiency in the funds flows for each transaction. He added the MoneyGram is moving 10% of its volume to Mexico through the ODL platform.
The ODL platform was designed to enable firms to use XRP coins in line with regulations for cross-border transactions. It enables firms to transfer fiat money to crypto exchanges at the value that is equal to the same value in XRP coins in other markets before converting the coins into cash again. These processes can be implemented within a few seconds.