Western Union has previously shown a passing interest in cryptocurrency, experimenting with xRapid for its payment settlement services. The company’s CEO, Hikmet Ersek, recently featured in an panel discussion, putting forward his take on the ongoing developments with Ripple and the latest crypto-related updates.
While the previous project did not significantly improve Western Union’s performance, Ersek shared that the financial payments company still maintains a team dedicated to blockchain and cryptocurrency.
While displaying a positive outlook towards the crypto-industry, Ersek stated that doing a transaction with Ripple is “five times more expensive,” than the present settlement system used by Western Union.
Ersek conceded that WU is pleased with its own settlement system, boasting that nobody can really move money in a way that Western Union can move it.
“Look, hey, I’m open to any cost savings innovation and I’m there to even sign a deal tomorrow.”
However, Ersek admitted that cryptocurrencies and blockchain are great as a processing system for payments and have a good future.
The cryptocurrency market has grown to find interest in financial and non-financial institutions. Previously, Molly Shea, Western Union’s Global Money Transfers General Manager, Asia Pacific, had revealed that the company was “piloting some settlements tests with Ripple for certain corridors, the US Dollar and the Mexican peso,” in February 2019.
Giants like Goldman Sachs, Barclays, Morgan Stanley, JP Morgan and Facebook are among few of the mainstream institutions that have made attempts to explore the crypto-ecosystem in the past.
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