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Western Union is testing Ripple for international payments

the Western Union has been testing the technology of Ripple, in order to improve the cross-border payment traffic. The chief Executive of WU Asia Pacific, Moll

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Western Union is testing Ripple for international payments
the Western Union has been testing the technology of Ripple, in order to improve the cross-border payment traffic. The chief Executive of WU Asia Pacific, Molly Shea said, in a Podcast of analysis in Asia.

By Phillip Horch
13. February 2019BTC$3.610,15 -0.54%part Facebook Twitter LinkedIn xing mail

a fierce competition in The market for international payments since the advent of Bitcoin as perhaps never before. At the latest since the Ripple increasingly SWIFT competition for power, sees itself as the Society for Worldwide Interbank Financial Telecommunication compelled their monopoly position with technological innovations. As it turns out, now also the US-American cash he Western Union with the competitors of SWIFT.

Western Union and Ripple: When old friends meet

Ripple and Western Union had – at least from a PR point of view – so far, not the best ratio. The One or the Other might remember: After a botched statement by the payment service provider Western Union, the Ripple Community was to roast the company on a thicker flame. But from the looks of it, Western Union will not be swayed. Because, as one learns in an Interview with Molly Shea, testing, Western Union to integrate the technology of Ripple in your System.

Western Union-Boss Molly Shea: "A 160-year-old Start-up"

In a Podcast-Interview with business consultant and analysis, Asia is the main managing Director of Western Union Asia Pacific ranked first in the top League of financial technology companies:

We of the Western Union say: We are the original FinTech. We are a 160-year-old Start-up. With this history, which dates back to 1851, we have learned a lot. We were able to make it to position and flexibility in the market, without [...] abandoning our values.

So it is also in the DNA of Western Union, to be disruptive. Therefore, they wanted to ensure cross-border payments for people around the world. Because:

Digital technologies to change the world. And no one should be left behind.

"Physical forms of money will not disappear"

On the question of how it was for the financial inclusion of developing countries, replied the oldest of the FinTech Start-up in the world, that it offer at least the infrastructure to ensure this. However, Shea does not believe that Bitcoin, Ripple, & co. were able to cash replace:

Physical forms of money will not disappear. Cash is still the dominant means of payment in a large part of the [world]. It is still too early to the future of digital currencies in advance. [...] To make but as a company that has invented the concept to digitize money, we are positioned well to make this area accessible to our clients.

Ripple to help in the international payments

the Start is not averse to-up, of technological innovations. Therefore, Molly Shea announced that you can use in Western Union, therefore, experiment, the Ripple technology and XRP for international payments:

the Blockchain and crypto, currencies to develop. In this field we also carry out Tests. So we are experimenting currently with Settlement Tests of Ripple for specific application areas. The US Dollar and the Mexican Peso are one example of this. [...]

Technical Details the WU Boss was not known at this time. It seems, however, obvious that the company uses XRP and xRapid, to ensure the Translation of the U.S. Dollar to the Mexican Peso smoothly.

Read also: Ripple vs. SWIFT: The battle for the international money transfer

if you Compare the Numbers here, is likely to impose for customers with a question: Why not try the same with crypto currencies? Western Union offers money orders with a 3,90 euros. For comparison: Ripple transactions are already starting to 0.00001 XRP (10 Drops). The current Ripple rate the are about 0,000003 Euro. The fees for Bitcoin are so low as not for a Long time.

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