Categories: Ripple

Western Union Confirms Testing Ripple Technology For Money Transfers

Click here to view original web page at cointelegraph.com

The financial services provider Western Union (WU) is testing transactions with the use of Ripple’s (XRP) Blockchain-based settlement system, the company’s Chief Financial Officer Raj Agrawal said in an interview with Bloomberg Feb. 14.

The globally known money transfer company Western Union confirmed that it is testing Ripple following more than a month of rumor-fuelled speculation that began in early January. The announcement comes after Western Union reported its 2017 results, claiming a revenue of $1.4 bln - a 5 percent increase over the previous year.

As Ripple’s CEO Brad Garlinghouse told Bloomberg, WU has decided to look into their platform in order to facilitate money transfers, particularly cross-border ones. Garlinghouse explained their choice by claiming that Ripple allows for transactions that are “a thousand times faster and a thousand times cheaper than Bitcoin’s.”

According to Bloomberg, Western Union’s Chief Executive Officer Hikmet Ersek also confirmed that testing is taking place during a conference call Tuesday, Feb. 13.

We are looking especially in the processing settlement and working capital optimization, also in the regulation part, on the compliance part on the blockchain capabilities,” Ersek said, adding “we do have some tests with Ripple.”

Ripple (XRP) is a Blockchain-based settlement protocol and a cryptocurrency that has reached almost half of Bitcoin’s market capitalization in early January 2018, when its price rallied to over $3.00 per coin. By the middle of January, however, the XRP price has bounced back to a little over $1.00.

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

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Is Boris Gone Landslide and How Would Bitcoin, Markets, React?

The sun has returned on London streets as Boris Johnson, the unelected British Prime Minister, once again covers our TV… Read More

5 hours ago

California Man Admits Masterminding $25 Million Bitcoin Launder Fest

A Los Angeles man has plead guilty to a multi-million money laundering scheme. | Source: Shutterstock By CCN Markets :… Read More

5 hours ago

WORLD NEWS: This Week in Blockchain and Crypto

This week has seen interesting developments around the globe on crypto projects and governments interest in the digital assets space.The… Read More

5 hours ago

Bitcoin Circuit: Is it a scam? Read our comprehensive review!

If you are looking for ways to speculate on cryptocurrencies, then I am sure you have thought about signing up… Read More

5 hours ago

Model: Bitcoin (BTC) Price to Surge 100% to $20,000 by May

In just around nine months, Bitcoin (BTC) will see its next block reward reduction — dubbed “halving”. Despite this rapidly… Read More

5 hours ago

Early Bitcoin Contributor Projected $10 Million BTC Price 10 Years Ago

Share Tweet Send Share Just a week after the bitcoin genesis block in January 2009, computer scientist Hal Finney published… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More