Ripple partner MoneyGram scores new partneship with Suez Canal Bank

  • Ripple (XRP) Partner MoneyGram and Suez Canal Bank announce a partnership that will open a payment corridor to Egypt. 
  • The Suez Canal Bank will be connected to the MoneyGram platform to allow international transfers to users in Egypt.

Ripple’s partner (XRP) and cross-border payments company, MoneyGram, announced the establishment of a new partnership with Suez Canal Bank. The company and the financial institution will open a payment corridor that will enable transfers from all parts of the world to Egypt.

The cooperation with Suez Canal Bank is part of the expansion that MoneyGram is establishing with international institutions. Recently, MoneyGram also announced an alliance with EbixCash, a subsidiary of Ebix Inc. to strengthen its presence in India.

Suez Canal Bank will be able to connect to the MoneyGram platform to facilitate its users’ transfers and to provide them with a convenient, digitally enhanced experience. At the same time, MoneyGram will have access to the SCB’ extensive worldwide network of correspondent banks.

MoneyGram’ CEO Grant Lines said he was excited about the cooperation with the Suez Canal Bank and states MoneyGram is ready to provide Egyptian users with the company’s cutting-edge capabilities. Lines stated the following:

As we execute our digital transformation to lead the industry in the digital movement of money, a key strategic priority is expanding account deposit services in major international markets.

For his part, the Head of Financial Institutions of the SCB, Mahmoud Shehab stated:

Partnering with MoneyGram, a global leader in cross-border peer-to-peer payments and money transfers, would benefit both institutions as we target to expand our share of the Egyptian remittances business by signing this agreement

The remittance market in Egypt is worth $29 billion and has great potential for MoneyGram. The cooperation will allow for greater inclusion of customers in Egypt with greater access to funds anywhere in the world.

Expansion and partnership with Ripple (XRP)

Ripple (XRP) is one of MoneyGram’s most important partners, after the firm invested $50 million last year. The cooperation with the SCB will allow Ripple to also expand its possibilities with a new market perfect for using its On Demand Liquidity (ODL) technology. This Ripple product allows for instant cross-border payments with low fees using the company’s native token, XRP.

The price of the XRP trades at $ 0.22 USD, at the time of publication, with a slight gain of 1.61% in the last 24 hours. It remains to be seen, whether MoneyGram’s partnership with the Suez Canal Bank will have an impact on the XRP’s price performance during 2020.

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