The financial services company, whose primary business is the operation of cross-border transactions, Western Union, is seeking to use Ripple’s XRP cryptocurrency as part of its new program.
Western Union is currently in talks with officials behind Ripple Labs. Unfortunately, there is not much detail about the alleged negotiation between the two partners, instead, if the program is to be initiated, Ripple will benefit greatly from this collaboration.
Monica Long, the President of Marketing and Communications at Ripple Labs said about the project:
“In general, financial institutions and networks use Ripple as a technology that powers real-time settlement in any currency to lower the cost of liquidity and compliance. Ripple was created to enable an Internet of Value in which the world can move can move value as easily as information moves today.”
Ripple Labs has long been involved in the promotion of crypto-based networks dedicated to cross-border payments. The crypto community assumes that the Western Union giant intends to integrate cryptocurrency XRP in order to boost the payment process while reducing costs.
“We have had preliminary discussions with Ripple regarding a pilot settlement project, but it is too early to discuss details at this time.”
The first detail about a possible collaboration between the two giants was made by co-founder and CEO of Ripple Labs Chris Larsen during his speech at the Milken Institute Global Conference
“We’re trying to solve the problem of connecting local banks and financial institutions to the global economy. We have this problem where we have a variety of different networks, whether they are in U.S or Kenya or Europe – they’re NOT connected. You can make a phone call to anyone with a phone number and you can send an email to anybody with an email address, but you can only pay people that are in your payment network. The goal is – how do you get all these things operating together?”
Author: Adriana Midrigan