MoneyGram International has announced the launch of ‘MoneyGram Ramps’, a developer-centric API designed to facilitate seamless integration between cash and cryptocurrency transactions. This initiative aims to bridge the gap between traditional financial systems and the digital economy, providing users worldwide with enhanced access to digital assets.
With MoneyGram Ramps, developers can easily offer users – even those without a bank account – the ability to deposit or withdraw cash at thousands of participating MoneyGram locations worldwide.
The ‘Ramps’ API enables developers to integrate cash-to-crypto and crypto-to-cash functionalities into their applications, allowing users to deposit or withdraw cash at participating MoneyGram locations. Leveraging the Stellar blockchain and Circle’s USD Coin (USDC), the service ensures near-instant settlement times, enhancing efficiency and reducing operational risks.
“With this launch, MoneyGram is quickly becoming the connective tissue between traditional finance and the digital economy,” said Anthony Soohoo, MoneyGram CEO. “We’ve taken the complexity out of integration, opening the door to seamless connection with the world’s largest cash on/off-ramp for digital wallets.”
The ‘Ramps’ API is designed with developers in mind, offering a streamlined integration process that reduces deployment time from months to minutes. In fact, developers can now complete sandbox setup in as little as five minutes, a process that previously took 12-15 days, and reach production in a fraction of the time.
The service is powered by a combination of Stellar’s blockchain technology, MoneyGram’s extensive retail agent network, and Circle’s USDC. This integration facilitates near-instant settlement times, improving fund collection efficiency and reducing operational risks.
Additionally, the platform opens opportunities for developers within the Stellar ecosystem and beyond to expand the functionality and reach of MoneyGram’s integration. Companies like Elliptic and Wyre are collaborating to provide robust blockchain analytics and payment API solutions, respectively.
MoneyGram Ramps enables cash deposits (on-ramp) in over 30 countries and cash withdrawals (off-ramp) in more than 170 countries via MoneyGram’s extensive network, eliminating the need for developers to build custom infrastructure or navigate regulatory complexities.
“For years, developers have been searching for an easy way to bridge physical and digital currency,” said Luke Tuttle, MoneyGram Chief Technology Officer. “MoneyGram Ramps is that missing link, significantly cutting development time while maintaining – and even strengthening – our robust compliance standards.”
By facilitating easy conversion between cash and digital currencies, ‘MoneyGram Ramps’ addresses a significant barrier to financial inclusion. Users without bank accounts can now access digital financial services, enabling broader participation in the global economy.
The API’s integration with the Stellar blockchain ensures low transaction fees and rapid settlement times. Developers can utilize standardized protocols, such as Stellar Ecosystem Proposal 24 (SEP-24), to connect their applications seamlessly.
MoneyGram’s industry-leading compliance program provides access to advanced fraud prevention and anti-money laundering services, ensuring secure and reliable transactions.
With a presence in over 200 countries and territories, MoneyGram’s extensive network positions ‘Ramps’ as a scalable solution for global cash and crypto transactions. The company’s commitment to innovation and financial accessibility underscores its role in shaping the future of digital finance.
“This solution was built for usability and access,” Tuttle continued. “We’re empowering the next wave of entrepreneurs to create financial tools for everyone – including the 1.4 billion adults worldwide who still rely on cash.”
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