Money transfer services company Western Union has teamed up with Ripple to use the XRP Blockchain-based settlement system. This was confirmed by no less than the company’s Chief Financial Officer, Raj Agrawal, to Bloomberg.
Rumors have been circulating regarding this team-up since January, and after much speculation, the two have now confirmed that they are currently in the testing phase. Ripple CEO Brad Garlinghouse divulged to Bloomberg that Western Union will be using Ripple specifically to improve their services for facilitating money transfers, especially the cross-border ones. With the Ripple system on board Western Union’s, it’s now expected that transactions are going to be “a thousand times faster and a thousand times cheaper than Bitcoin’s.”
Meanwhile Western Union CEO Hikmet Ersek also talked about the testing to Bloomberg, saying that they “are looking especially in the processing settlement and working capital optimization, also in the regulation part, on the compliance part on the blockchain capabilities.”
Coin.vet has also previously reported on another Ripple deal, with the Saudi Arabian Monetary Authority (SAMA), also for cross-border payments made to local Kingdom of Saudi Arabia (KSA) banks.