We are going to look at the Top 14 Money Transfer Companies and then see how and or if Ripple is associated with them. We will only try and link direct sources form the companies website and avoid any 3rd party site like CCN, or CoinDesk as they never have reliable sources. Well, we shouldn’t say never, but 99.9% of the time that is the case. Anyways let jump right into it!
Here is the Top 14 (US based) we have come up with – with help from Finder.com:
- Western Union
- XE Money Transfer
- Currencies Direct
- Currency Online
Now let’s go through each one and see if we can link them to Ripple at all.
1st company on the list the oh so controversial Western Union. The latest news came from February 2019, when Molly Shea who is the General Manager of APAC for Western Union was featured on a Podcast called: Western Union in Asia Pacific & Trends in Fintech with Molly Shea and she stated at the 29:05 “We’re piloting some settlement tests with @Ripple in certain corridors, I think the USD and the MXN”.” Full video here: https://analyse.asia/2019/02/09/episode-284-western-union-in-asia-pacific-trends-in-fintech-with-molly-shea/
2nd: MoneyGram – January 11, 2018, we get news directly from MoneyGram that they partnered with Ripple to modernize Payments.
MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple’s solution for on-demand liquidity. XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about $30 per transaction. Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour.
Also, we received news from Ripple Insights announcing the partnership.
MoneyGram will access and use XRP, the native digital asset of the XRP Ledger, in their payment flows through xRapid, Ripple’s on-demand liquidity product.
3rd: WorldRemit: We couldn’t find any solid information support a Ripple and WorldRemit connection. If you find something please comment in the comment section below.
4th: XE Money Transfer:XE.com is a Canadian-based online foreign exchange tool and services company, best known for its online currency converter application, which offers exchange rate information, international money transfers, and other currency-related services via its website and other online channels. XE is a subsidiary or Euronet WorldWide. XE has not officially listed XRP but down the line, we can see this happening.
— XE Currency (@xe) May 3, 2019
5th: TransferWise: As of May 10th, 2019, TransferWise is not using Blockchain but the Co-Founder stated that:
“If every bank in the world was going through the Ripple network, it would be amazing. Yet how many banks are using Ripple today in production? It’s a very short list. In that sense we’re big supporters of Ripple or anything else…and if any of these gets enough adoption, and it actually materially helps us do things cheaper and faster, we’d love to, but so far we haven’t found one.”
So as we see Ripple’s network grow we will see TranserWise added to the list.
6th: Travelex: Finablr owns, Travelex. Currently, Finablr confirmed that the UAE Exchange and Unimoni are live on RippleNet. As we do not have proper clarification right now that Travelex is using RippleNet, in the near future we can expect to see Finablr move all of there brands onto RippleNet.
7th: Walmart: This is an easy one. Walmart offers 2 services. Walmart2World which Utilized MoneyGram who is a confirmed partner of Ripple (see above) and they also have Walmart2Walmart which uses RIA who is another confirmed partner of Ripple. So WALMART IS A BIG FAT YES!
8th: ShareMoney: We sent them an email waiting to hear back.
9th: Ria: Is Ria a partner of Ripple? 100% they are. Here is the Ripple Insights article from May 1st when this partnership was announced. From the article Ripple states:
Ria Money Transfer, a subsidiary of Euronet Worldwide, has joined RippleNet to enable instant, blockchain-powered global payments. With customers in over 155 countries, more than 377,000 locations worldwide, and $40 billion in money transfer volume per year, Ria is one of the largest payment service providers in the world
Ria is found in every Walmart store across the world. This is a massive partner to have on board.
10th: TorFx: Could not locate any concrete information about a partnership with Ripple, but we did send an email out in regards to Ripplnet.
11th: Currencies Direct: Last year around this time we got news from Currencies Direct chief product office Brian Harris stating that Currencies Direct did a pilot with XRP using Xrapid:
Brian Harris went on to declare the pilot program “a resounding success,” We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers.” He also added – Our goal is to offer the best possible service. We believe that utilizing cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies and we’re proud to be leveraging new technology to deliver the most convenient and seamless experience for our customers.”
Currencies Direct said XRP WAS A GAME CHANGER! Asheesh Birla Senior Vice President of Product at Ripple added in:
“The results speak for themselves – xRapid leverages XRP to transform the way money moves by significantly lowering the cost and time it takes to make a cross-border payment. xRapid offers an enhanced payments experience, while also allowing payment providers to gain a competitive advantage in the market.”
12th: Xoom: We covered this story at xrprightnow.com (site your on) back in January 2019: Paypal Services and XRP via Earthport – must-read article. We also get news from Deutsche Bank that XOOM is a Ripple partner see this PDF and head to page 11 or look at the screenshot below:
13th: Currency Online: Was bought out by XE (see#4 in this list) and they are not using RippleNet at the time being
14th: Paypal: Even though Paypal isn’t working directly with Ripple, Paypal works indirectly with Ripple as we look at there sister company XOOM (see #12 in this list)
So as a summary, as we looked over the top 14 Money Transfer Companies and Ripple’s Connection we found out that 6 out of the 14 (really 13 as 1 company was bought out) are members of RippleNet.
I think it is safe to say these 6 are the biggest money transfer companies in the game.
Comment below or let us know your thoughts or any other companies we should look into.
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