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Ripple Gets Tested By Western Union To Facilitate Money Transfers

Western Union, the money sending giant based in the USA has been testing Ripple blockchain technology to implement it in money transfers, said its CEO.
“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. And we do test, we do have some tests with Ripple” said Hikmet Ersek, Western Union CEO, when he was confronted about the subject at hand. Western Union is not the first money transfer service to test blockchain related technology for its operations. Other banks and transfer services are already aiding themselves with Ripple and blockchain tech.
Traditionally, these kinds of services rely on pre-allocated FIAT money in accounts all over the world to make transfers and send money across borders, but the process still involves a lot of checks and delays. With the application of blockchain technologies, these transfers would be made instantly even across countries charging their users even lower fees. Even if it is the testing stages, it is exciting to think that secure money transfers could be made in few seconds virtually free, relying on crypto tech.

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