MoneyGram’s latest financial release has shown that Ripple has continued its planned investment since Autumn 2019, contributing a further $11+ million: signalling the successful continuation of their previously announced partnership.
Moneygram received in two separate payments of $8.9 million in Q4, 2019 and $2.4 million in Q3 2019: totalling $11.3 million from Ripple across six recent months.
“MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities…
the Ripple financial benefit of $8.9 million in the fourth quarter and $2.4 million in the third quarter is now accounted for… $11.3 million benefit from Ripple.”MoneyGram (SEC Filing)
Information on this funding was revealed in an 8-K form recently filed by MoneyGram, which detailed various income and expense reports. According to the SEC, “Form 8-K is the “current report” companies must file with the SEC to announce major events that shareholders should know about”.
This form specified that the report contained was “pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934” and dated February 24, 2020.
Section 13 is “generally applicable to persons that own, or exercise investment discretion over accounts that own, publicly traded or exchange listed equity securities”.
“Reporting persons that must report on Schedule 13D are also required to disclose a significant amount of additional information, including certain disciplinary events, the source and amount of funds or other consideration used to purchase the Section 13(d) Securities, the purpose of the acquisition, any plans to change or influence the control of the issuer, and a list of any transactions in the securities Affected in the last 60 days.”paulhastings.com (Insights: SEC Reporting Obligations Under Section 13 and Section 16 of the Exchange Act – February 19, 2020)
MoneyGram is a US-based money transfer company, and as such they offer a digital means of sending and receiving money with peers worldwide.
Whilst the company offers physical retail outlet options, the fees are far lower when using one of its online browser, desktop or mobile device applications (available on both Google Play and App Store, offering mobile wallets and bank accounts at present).
The company is openly proud of its focus on the implementation of Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) processes and techniques.
Ripple is best known for the XRP token digital currency, as well as the blockchain-style RippleNet network and development infrastructure, comprising what were formerly known as xRapid and xCurrent.
Key RippleNet partners include: American Express, MoneyGram, PNC, Santander, SCB, SBI Remit, NIUM, Banco Rendimento, BeeTech, Interbank, Pontual (money transfer), and Ria.
On February 26, 2020: Ripple partnered with European digital money transfer service Azimo, which takes advantage of RippleNet’s ‘On-Demand Liquidity’ (ODL) feature. This partnership introduces the remittance capabilities of ODL to “The Philippines, with plans to expand use of ODL across more corridors this year” .