Western Union Financial Services Provider (WU) tests transactions with l ‘. Using the Ripple Blockchain-based settlement system (XRP), Chief Financial Officer Raj Agrawal said in an interview with Bloomberg Feb. 14.
The world-renowned Western Union Money Transfer Company has confirmed that it is testing Ripple following more than a month of rumored speculation that began in early January. . The announcement comes after Western Union announced its 2017 results, announcing a $ 1.4 billion business turnover, an increase of 5% over the previous year.
As Brad Garlinghouse, CEO of Ripple, says in order to facilitate money transfers, especially cross – border transfers. Garlinghouse explained their choice by stating that Ripple allows transactions that are “ a thousand times faster and a thousand times less expensive than those of Bitcoin .”
According to Bloomberg, Hikmet Ersek, managing director of Western Union also confirmed that tests are underway during a conference call on Tuesday, February 13.
“ We study particularly the treatment regulations and optimization of working capital, also in the regulatory part”
“ we have some tests with Ripple . “
Ripple (XRP) is a settlement protocol based on Blockchain and a cryptocurrency that has reached almost half of the market capitalization of Bitcoin in early January 2018, when its price climbed to over $ 3.00 each. In mid-January, however, the XRP price rebounded to a little more than a dollar
On Wednesday, February 14, Cointelegraph reported a partnership signed between Ripple and the US. Saudi Monetary Authority (SAMA) to provide technology for cross-border payments to banks of the Kingdom of Saudi Arabia (KSA).