The service was launched after the partnership of MoneyGram and Stellar Development Foundation (SDF).
The MoneyGram CEO stated that what they have with Ripple is a “good partnership” and he expects they will generate profits on “new services and new corridors”.
In using the ODL platform, MoneyGram said it expects this partnership will allow them to reduce their working capital needs, generate earnings, and provide cash flow.
FastSend allows MoneyGram customers to send money to a phone number in real-time via a website or a mobile app. The service is using Visa’s “Direct Original Credit Transaction” so that the funds are delivered to a bank account through a debit card deposit.
Ripple noted how payments across borders have been slow and marked by friction in the past 20 years.
Moneygram partners with Ripple to facilitate faster cross-border money transfer.