The remittance industry is rapidly evolving: competition is fierce; urgency to quickly enter new markets has never been higher; and customers are demanding fast, low-cost global payments. As one of the world’s largest money transfer companies, MoneyGram is at the head of the pack—forging strategic partnerships and leveraging emerging technologies with the goal of improving the antiquated cross-border payments experience. At Swell 2019, MoneyGram Chairman and CEO W. Alexander Holmes will share insights from his experience driving this transformation across the company and discuss what lies ahead for the broader payments industry.
MoneyGram partnered with Ripple to streamline their global liquidity management and increase operational efficiency. By joining Ripple’s network of more than 200 customers worldwide, RippleNet, MoneyGram can easily utilize On-Demand Liquidity (ODL): a service that eliminates pre-funding by leveraging the digital asset XRP as a bridge between fiat currencies for instant settlement. Today’s $600 billion global remittance industry relies on traditional foreign exchange markets to meet its settlement obligations, which require advance purchases of most currencies—a costly and slow endeavor that ties up resources.
Under Holmes’s leadership, MoneyGram plays an integral role in enabling more economic opportunity, especially to emerging markets. MoneyGram has expanded their services to Mexico and the Philippines, countries where remittance transfers are high-cost and pain points of cross-border payments are felt by consumers and financial institutions alike.
Holmes’s work to streamline MoneyGram’s operations and enable frictionless global payments serves as an instructive model for companies looking to provide a similar customer experience.
He joins Swell’s global roster of speakers across financial services, payments, technology and policy to discuss the trends that are shaping the future of global payments. Join this discussion at Ripple’s invite-only customer event in Singapore, Nov. 7-8.
To learn more about Swell and to view the full agenda, visit our website.