Remittances giant MoneyGram has announced a new service—Fastsend—allowing real-time money sending. The service allows customers to send money in real-time to a phone number via a dedicated website or mobile application. The product does not make use of its blockchain partner Ripple’s technology.
Kamila Chytil, MoneyGram Chief Operating Officer explained that FastSend uses Visa’s Direct Original Credit Transaction to deliver funds to bank accounts through Debit card deposit.
Chytil has also said that MoneyGram is also evaluating other use cases “where blockchain could help solve data privacy and regulatory obligations through distributed ledger technology”.
Ripple is seeing increasing adoption among financial institutions as a provider of DLT services. This month, Bangladesh-based Bank Asia—which holds over $3.4 billion of assets—has joined Ripple’s RippleNet blockchain-based financial services network.
Ripple’s crypto asset XRP, also recently hit a 7-month high of $0.33 as Cointelegraph reported yesterday. Still, over the last 25 hours to press time the cryptocurrency later lost about 7.82% of its value.