comscore Western Union says it’s testing transactions with Ripple | Honolulu Star-Advertiser
Business Breaking

Western Union says it’s testing transactions with Ripple

  • ASSOCIATED PRESS

    A woman walks past a Western Union check cashing store in the Hell’s Kitchen neighborhood of Manhattan in 2010.

Western Union’s long-rumored relationship with Ripple is turning out to be real.

After more than a month of speculation, the money transfer company said it’s evaluating blockchain technology and is testing transactions with Ripple, the San Francisco-based startup behind the cryptocurrency of the same name.

“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,” Western Union Chief Executive Officer Hikmet Ersek said on a conference call after the company reported results Tuesday. “And we do test, we do have some tests with Ripple.”

Money-transfer businesses such as Englewood, Colorado-based Western Union typically use pre-funded accounts to fulfill customers’ transfers, which can tie up capital. Ripple’s blockchain technology and digital currency XRP could move money faster, which has helped propel a more than 33,000 percent surge in the digital token last year even though the coin isn’t essential for handling payments.

“We’ve been testing different products with Western Union for a while. We’re excited about our work towards a pilot implementation of xRapid, which uses XRP in payment flows,” Ripple said in a statement today.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments (0)

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.

Having trouble with comments? Learn more here.

Scroll Up