Can someone describe how MoneyGram uses XRPL for remittances?

General Questions
#1

Does anyone know or care to guess how MoneyGram might be configured to work with the XRPL to allow customers to send USD to Mexico?

I understand that ODL allows MG to use XRP like a rail. MoneyGram doesn’t need to hold XRP because the swap happens in a few secs or mins.

But what is happening on the other end?

For example: Let’s say Juan works in Washington DC. He wants to send $1,000 to his sister Maria in Bavispe Mexico. He goes to a MoneyGram location and gives them $1,000USD to MoneyGram. But what happens after this? How does Maria get her Pesos? WHere do they come from? How does MoneyGram retrieve said pesos in order to hand them over to Maria?

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#2

MoneyGram is using RippleNet to do it, but the way liquidity is sourced with ODL is quite simple (in theory). To stay within your own example:

  • Juan/MoneyGram sends USD to Bitstamp and buys XRP.
  • XRP is sent to Bitso
  • XRP is sold on Bitso for Pesos
  • Pesos are withdrawn to MoneyGram/Maria

So in order for ODL to work, there has to be enough liquidity on both ends of the corridor. The price volatility window is limited to the amount of time the value is in XRP.

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#3

Thanks for the response. Makes me wonder if there is going to be much use for remittance companies like MoneyGram in the long term.

#4

Is it possible to send money from Russia to Canada or Portugal in this way?

#5

Russian rubles (RUB) are not currently a supported currency in the On Demand Liquidity (ODL) product.

One way you could theoretically send money from Russia to Canada or Portugal using a similar flow, is to onboard at an exchange that supports RUB (or: CEX.io), then trade RUB for XRP, withdrawal the XRP to another exchange that supports Canadian Dollar (CAD) or Euro (EUR) and trade the XRP for those fiat currencies, then withdrawal them to your CAD or EUR bank account from the exchange.

#6

So far, this translation scheme is very confusing.
Many people want to withdraw funds from Russia, but the tariffs at banks are monstrous! All hope for YOU !! Free us from gangster bankers!

#7

I bought XRP, but the course is not stable. possible losses USD…))):

#8

This is a forum to discuss technical topics related to technologies that Xpring contributes to, including XRP Ledger, Interledger, and supported products, libraries and services. Market related topics will not be addressed.

#9

bonjour, est ce possible de faire une simple application pour le transfert de franc cfa?

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#10

j’aurais besoin de l’integrer sur un site htpps ainsi pas de développeur fiable à paris?

avez vous un site d’emploi?
merci

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