MoneyGram International is providing access to its global money transfer network through software it is touting as "MoneyGram-as-a-service."
In opening its network and API-driven infrastructure, Dallas-based
Houston-based Emergent will have the ability to provide near-immediate cash funding and payout for buying or selling Responsible Gold kilobars with G-Coin tokens. Gold buyers generally save, send or spend the gold like traditional currencies. At the same time, MoneyGram provides consumers with expanded access to G-Coin at its thousands of point-of-sale locations.
"Today, we enter the next phase of our digital transformation as we open our modern, mobile, and API-driven platform to new businesses and use cases by launching MoneyGram-as-a-service," Alex Holmes, MoneyGram chairman and CEO, said in a Wednesday press release.
"In response to strong market demand, we've developed this processing model to provide third-party access to our vast network, and we are thrilled to open our platform to G-Coin," Holmes added. "This partnership is part of our strategy to capture new revenue by monetizing our capabilities, and we're excited about the innovative potential of blockchain-driven digital assets as we continue to lead the evolution of digital P2P payments."
The service lets enterprises leverage MoneyGram's core capabilities as service offerings to meet business needs and quickly add scale. MoneyGram views the new service as a driver for entering a new market for API-driven networks, estimating its potential worth at $17 billion by 2024.
In addition, the company views the G-Coin integration as one that addresses a goal of financial inclusion, as it will make digital goods available to millions of consumers.
"We created the G-Coin token to give physical gold utility and make it more accessible to the mass market, both as an alternative store of value as well as a stable medium of exchange", Brent de Jong, chairman and founder of G-Coin, said in the release. "This partnership with MoneyGram, a leader in global money transmission, confirms that digital assets are rapidly integrating into mainstream financial services and gives us the additional cash-in and cash-out infrastructure to reach global markets."
