Western Union Confirms Testing Ripple Technologies For Cash Transfers

Stock News/Cryptocurrencies

Express News

By Express News Desk|Updated: February 15, 2018

The monetary providers Western Union (WU) is checking deals with using Ripple’s (XRP) Blockchain-based settlement system, the business’s Chief Financial Officer Raj Agrawal stated in an interview with Bloomberg Feb. 14.

The internationally recognized cash transfer business Western Union validated that it is evaluating Ripple following more than a month of rumor-fuelled speculation that started in early January. The statement follows Western Union reported its 2017 outcomes, declaring a profits of $1.4 bln – a 5 percent boost over the previous year.

As Ripple’s CEO Brad Garlinghouse informed Bloomberg, WU has actually chosen to check out their platform in order to help with loan transfers, especially cross-border ones. Garlinghouse described their option by declaring that Ripple permits deals that are “a thousand times quicker and a thousand times less expensive than Bitcoin’s.”.

Inning accordance with Bloomberg, Western Union’s Chief Executive Officer Hikmet Ersek likewise confirmed that testing is occurring throughout a teleconference Tuesday, Feb. 13.

” We are looking particularly in the processing settlement and working capital optimization, likewise in the policy part, on the compliance part on the blockchain abilities,” Ersek stated, including “we do have some tests with Ripple.”.

Ripple (XRP) is a Blockchain-based settlement procedure and a cryptocurrency that has actually reached practically half of Bitcoin’s market capitalization in early January 2018, when its rate rallied to over $3.00 per coin. By the middle of January, nevertheless, the XRP rate has actually recovered to a little over $1.00.

Wednesday, Feb. 14, Cointelegraph reported on a collaboration signed in between Ripple and the Saudi Arabian Monetary Authority (SAMA) to supply the innovation for cross-border payments to banks in the Kingdom of Saudi Arabia (KSA).