MoneyGram is testing a pilot with a hot crypotcurrency

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What's more, the Japan Bank Consortium created a virtual currency and blockchain working group to explore the institutional use case of digital currencies, such as XRP, to source on-demand liquidity for these cross-border payments.

The companies will also test Ripple's other products, including xVia, according to the release. XRP is an efficient digital asset for blockchain powered payments with transaction fees at just fractions of a penny.

There is a very important incentive for payment companies to join the blockchain based instant transfers, staying relevant and keeping the business.

The company has historically been involved in using pre-funded accounts to fulfill transfers by customers, which can tie up capital.

There are miles to go before a cryptocurrency-based system replaces correspondent banking, but MoneyGram's pilot looks like a step toward a world of faster, simpler, cheaper worldwide payments.

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"The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram".

Ripple, a bitcoin rival, claims it can settle digital transactions in three seconds or less, making it attractive to financial institutions.

This strategic partnership will allow Moneygram to understand how blockchain technology and XRP can improve the efficiency of its global treasury operations and consumer experience.

Besides the whithrawal of the Korean markets out of the average price based on the markets pool of CoinMarketCap, that affected pretty much every single platform listed on their markets, including Ripple, we had a disturbing wave of news regarding Ripple and its solidarity.

International Payments is a multi-billion dollar industry and the current way of using a centralized authority who hold enough foreign reserves to be able to facilitate the cross-border transfers is very inefficient considering the time and cost involved. We also provide bill payment services, issue money orders and process official checks in select markets.