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5/12/ · But, among everything else that they talked about, it was the questions regarding XRP’s possible partnership with Western Union that has captivated the XRP investors and cryptocurrency community’s attention. Garlinghouse promptly evaded the question of Julia Chatterley, the interviewer, regarding the truth behind the pilotenkueche.deted Reading Time: 3 mins. 4/12/ · Rumor about partnership between Ripple and Western Union resurfaces. By Reynaldo 4. December The XRP community speculates on a possible Western Union and Ripple partnership after an CNN interview with CEO Brad Garlinghouse. XRP is used by many companies as a currency, according to Garlinghouse. Ripple ‘s CEO, Brad Garlinghouse, has Estimated Reading Time: 3 mins. 14/4/ · Western Union Checks XRP for Cross-Border Outflows Western Union doesn’t give up on digital asset potentials as it endures to test Ripple’s XRP. As per Credit Suisse’s research, this money-transfer tycoon explores if the technology can lower the global payment charges, yet increase its pilotenkueche.deted Reading Time: 6 mins. 21/4/ · Western Union Testing XRP Transactions. In January, Ripple’s CEO Brad Garlinghouse announced that three of the world’s top five money transfer companies would be starting pilot programs to test the utility of XRP. The first company to report implementation was MoneyGram.
Well, here we go again. Western Union is back in the news as the rumors kick back up of a potential partnership between the largest remittance company in the world and Ripple. This is not the first time we heard about a potential partnership between the financial giants. Molly joined the call to discuss the business and distribution footprint of Western Union across Asia Pacific. Molly touched on how Western Union is experimenting with blockchain and cryptocurrency technologies.
The key quote is mentioned below. The research confirms that many have been observing traditional payment means like SWIFT as being less than ideal due to transaction time and huge cost. As we continued to explore the documents we find on the very next page where Credit Suisse has pointed out that Western Union was testing and considering the use of XRP for cross border payments.
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Ersek had an Interview with fortune and said :. Still, the CEO states that the test may be still too small to draw conclusions just yet. Western Union has only tested XRapid between USD and the Mexican pesos. Senior Vice President of product at Ripple Labs, Asheesh Birla, confirmed that Western Union has only sent 10 payments using xRapid — so far. Birla told Fortune :. Unless these costs are removed, it will not be beneficial for Western Union to move forward, Birla explained.
Most of the financial institutions that are testing Ripple are using its xCurrent software, rather than the XRP-reliant technology xRapid. Access more crypto insights and context in every article as a paid member of CryptoSlate Edge. Disclaimer: Our writers‘ opinions are solely their own and do not reflect the opinion of CryptoSlate.
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The company continues to test XRP despite its unstable performance. Credit Suisse included JPM Coin, Libra, R3, IBM World Wire, and BitPay as some of the heads in the cryptocurrency zone. Also, the Relative Strength Index or RSI dropped to level Molly Shea, the general manager of Western Union for Asia Pacific region, stated in February that the organization is tactically putting itself in place to use digital assets.
According to Shea, when people think about digital assets, if startups are about to launch, spectators should be ready. Moreover, she said that everyone needs to prepare from a technology viewpoint. She further added that Western Union needs to prepare, wherein the regulatory must be preset. Yet, the company is continuously looking for trends where clients are searching. Furthermore, the company should assure that it must be ready to meet the prospects and needs of the customers.
As per the report of Credit Suisse in January, it states that digital assets are improbable to achieve consumer-to-venture settlements adoption. The report mentions hard times with clash processes and chargebacks, regulatory doubt, taxation, and price instability as probable factors that might slow acceptance.
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There, he spoke about the emergence of cryptocurrencies and their adoption driven by the coronavirus pandemic. However, it was his response to the question of a possible partnership with Western Union that has drawn the attention of the XRP community. For now, everything remains a speculation. However, one community member said :. According to a Credit Suisse research published earlier this year, Western Union was studying the potential of XRP and was testing use cases with payment solutions offered by Ripple.
In , a Western Union executive stated that the company will use cryptocurrencies if they prove to be a cheaper alternative to improve their services. In Mid-year, CNF reported on a possible acquisition of shares of MoneyGram by Western Union. The rumors came from an unnamed source. However, it was not confirmed.
It is also important to mention that the speculation of the acquisition of MoneyGram by Western Union is circling around since Among other topics discussed by Garlinghouse was the regulation of cryptocurrencies in the United States.
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This is according to equity research conducted by Credit Suisse dated January 24, Ripple has always touted itself as the successor to the old payment systems used by remittance firms to conduct cross-border payments. The research that just surfaced points out that besides charging high fees, legacy payment systems like SWIFT take up to five days before a single transaction is completed. However, platforms like Ripple that leverage blockchain technology and cryptocurrency have the potential to cut the transaction costs and reduce the settlement time.
While firms like TransferWise, Western Union and Remitly have already developed solutions that offer real-time cross border payments at low costs, these innovations are not quite as successful as the ones enabled by blockchain technology, the research notes. Ripple has amassed around customers who utilize their payment solution, RippleNet. MoneyGram, which falls closely behind Western Union is already part of the RippleNet consortium.
Since adopting the On-Demand Liquidity ODL solution, MoneyGram has seen a significant increase in its revenue and a simultaneous increase in money transfer speeds. The researchers at Credit Suisse confirmed that Western Union has been testing and weighing using Ripple XRP for cross-border settlements. Western Union is one of the largest financial services providers in the world with a global presence in more than countries.
As such, adopting Ripple XRP for its cross-border payments would be a huge boost for XRP. Moreover, being an internationally-recognized firm, it would set a welcoming tone for other payment companies.
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Like other blockchains, Ethereum has a native cryptocurrency called Ether ETH. ETH is digital money. It is purely digital, and can be sent to anyone anywhere in the world instantly. People all over the world use ETH to make payments, as a store of value, or as collateral. Bitcoin is the first peer-to-peer digital currency, also known as cryptocurrency. It is famous for its decentralized transactions, meaning that there is no central governing body operating it, such as a central bank.
Bitcoin News will help you to get the latest information about what is happening in the market. RIPPLE XRP — Ripple, the parent company behind the cryptocurrency XRP, made headlines in early January by kicking off a series of high profile adoption-related announcements. In that time, MoneyGram and Western Union have come forth as two of the money transfer services to institute XRP-based transfers. While MoneyGram has been grabbing headlines for its evolving partnership with Walmart and the creation of Walmart2World in April, the CEO of Western Union has issued a somewhat mild critique of how the pilot program with XRP has panned out so far.
Western Union has thus far only used the XRP pilot program in USD-Mexican Peso transactions, further limiting the cost-savings measure of the currency.
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Recently, the second-largest money transfer system in the world, MoneyGram, started using the xRapid product of California-based fintech startup Ripple to make cross-border payments. Currently, MoneyGram serves millions of customers in more than countries over the world. To make money transfers, the company was forced to pre-purchase foreign currencies.
The xRapid tech allowed abandoning this condition, while simultaneously increasing the speed of the payment system. XRP cryptocurrency implies the possibility of instant money transfers between the parties. Therefore, when making a transfer from London in British pounds, customers in America will be able to instantly receive their equivalent in US dollars.
The process is implemented through the tokenization of assets not pounds are transferred, but their equivalent in XRP, which can later be quickly exchanged for US dollars. At the same time, using xRapid can also significantly cut fees that users are forced to pay for a transaction. Users on the Internet network noted that the collaboration will benefit the financial giant to take over its main competitor Western Union place.
The latest collaboration has encouraged MoneyGram to reduce fees. Among other factors, the collaboration would have a positive effect on the quality and cost of the services provided by MoneyGram. Although there were skeptics who believed that nothing good would come out of it.
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14/2/ · In a Bloomberg press interview with Western Union CEO pilotenkueche.de Agrawal, he stressed that his firm is fully convinced of the benefits of blockchain and its importance to the money transfer business. He added that his firm is testing the Ripple services to which its competitor company MoneyGram and UAE Exchange also have resorted. 13/04/ · Western Union is one of the largest financial services providers in the world with a global presence in more than countries. As such, adopting Ripple (XRP) for its cross-border payments would be a huge boost for XRP. Moreover, being an internationally-recognized firm, it would set a welcoming tone for other payment companies.
The industry is thus creating links between networks, services, products, and institutions. The dominant motives for such movements are to increase value for the customer and to lower costs and settlement times for both the institutions and the people they serve. Visa issued the announcement yesterday in that context. We can sense the involvement of Ripple here from the look of things. Both partners issued a press release in which they said that their new collaboration will help real-time cross-border payments in countries and territories of the world and fiat currencies.
So Wester Union is trying to expand its cross-border services with a specific focus on global P2P and B2C payments. Last month Visa did its own homework on the same subject by buying Earthport , another payments gateway, and platform which works with banks, remittance services, and other institutions. Earthport is a Ripple client, and they have reportedly integrated XRP into their software already. Keep connecting the dots.
The new partnership created by Visa and Western Union is all about getting rid of all the red tape, which is the rule rather than the exception when it comes to international payments. The market is worth USD 80 trillion yearly. But the process is not quick nor transparent.