Tests XRP Western Union for international transfers
The list of banks and financial institutions that use and test Ripple products grows from week to week.
Recently it became known that Western Union may join the ranks of these companies. The company’s CFO, Raj agraval, told the media that the company is at a”testing stage”.
Expanding the circle of partners
Barely a month has passed after Ripple agreed to start a pilot project with competitors Western Union – Moneygram.
Read also-ripple price Forecast for 2018 (updated version)
Ripple significantly surpasses all other cryptocurrencies in its work with partners. Last week, the company managed to agree on a partnership with UAE Exchange, one of the largest international translation companies in the Central Asian region. Yesterday it became known about the partnership with the national Bank of Saudi Arabia, and earlier Ripple signed a partnership agreement with one of the largest payment processing companies in China. Asian division of SBI Ripple Asia has made significant progress in working with Japanese and South Korean banks in the direction of international money transfers.
Ripple has two main products: xCurrent, which is currently used by more than 100 financial institutions and xRapid based on XRP. It is this product that Western Union is currently testing. The press-Secretary of the Ripple, commented on this partnership:
We tested different products with Western Union. We are very pleased with the joint pilot project based on xRapid.
Western Union technical Director Sheri Rhodes described the cooperation with RIpple:
We are still exploring various possible blockchain applications that could be used in our business. There are several pilot projects with Ripple.
We plan to use blockchain in such areas as transaction processing, working capital optimization, regulatory technologies and digital identification.
According to coinmarketcap.com, XRP has grown 5% over the last 24 hours and is currently trading at $ 1.12.