Patent Shows MoneyGram Aims to Use XRP in Cross-Border Platform but Experts Remain Doubtful

Recent claims highlight a patent filed two years ago by MoneyGram which suggests the firm’s plans to use XRP for a cross-border platform, but experts remain skeptical.

Claims of MoneyGram potentially leveraging XRP for an upcoming proprietary cross-border payments platform have recently gained traction. These claims cite a circulating patent filed by MoneyGram nearly two years ago. However, experts have questioned the veracity.

XRP Community Skeptical

Cowboy Crypto, a Texas-based XRP community influencer, previously retweeted one of these claims. However, he noted that he had retracted the move as he could not find substantial evidence supporting the document’s authenticity.

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I deleted my retweet of the MoneyGram XRP Patent document because I could not find enough evidence to support the actual document itself. I will say though, the “inventor” of so-called Patent No: 11568489 is Bart van Hoek. His LinkedIn profile states he was Head of… pic.twitter.com/OVkLKwAevc

— Cowboy.Crypto ☀️ (@cowboycrypto313) June 28, 2023

However, the influencer acknowledged a fascinating aspect of the supposed patent: the involvement of Bart van Hoek. A Texas-based Machine Learning enthusiast, van Hoek worked at MoneyGram as the company’s Head of Product Innovation from September 2018 to November 2021.

This implies that he worked at MoneyGram when the company filed the patent in September 2021. In addition, van Hoek’s position as Head of Product Innovation further suggests that he is the appropriate individual to invent such a product for the company.

A more interesting detail is that Bart van Hoek now works as Lead Product Manager at Ripple. While Cowboy Crypto remains skeptical of the authenticity of the patent, these details suggest that the claims might have some truth in them.

The MoneyGram Patent

As of press time, community members have tendered more evidence that seeks to substantiate the claims. An official document from the United States Patent and Trademark Office (USPTO) corroborates the authenticity of the patent itself.

Per information from the document, MoneyGram filed the patent, with the number 11,568,489 B1, on Sep. 15, 2021. However, the USPTO approved the patent on Jan. 31, 2023. Data from the US-based legal platform Justia also suggests the existence of the patent.

The patent encompasses an automated international transaction system. The system consists of two pivotal components: a commercial network linked to wider resolution solution networks and a self-governing robot to carry out specific directives. The patent notes that Bart van Hoek is the inventor.

Moreover, the patent information affirms MoneyGram’s intention to utilize XRP for international payment settlements. Significantly, the currency conversion process involves a sequence from US dollar (USD) to XRP and then to Mexican peso (MXN).

Some XRP proponents remained skeptical because they could not get up the patent by merely searching for it on the USPTO website. However, a community member disclosed that the search would need to involve the query ‘(“11,568,489”).pn.’ on the USPTO public advanced search section.

MoneyGram’s Severed Ties with Ripple

Part of the reason behind the skepticism is the severed relationship between MoneyGram and Ripple. Notably, Ripple’s CEO, Brad Garlinghouse, announced in March 2021 that MoneyGram and Ripple would sever its partnership agreement. 

MoneyGram filed the patent six months after this announcement from Ripple. While the press release from Mar. 8, 2021 says that both firms would be willing to revisit their agreement, there has been no official announcement. Instead, MoneyGram has turned to Stellar, Ripple’s rival, despite acknowledging XRP’s potential.