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This from Western Union CEO


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First of all, all these posts saying Western Union are deliberately playing things down to put their competitors off is complete nonsense.  Why do people keep trying to turn negative points into a pos

Let's be serious. xRapid failed a very simple demo at consensus. How can you hope to be close to production to support the billions of WU? Give time to time.

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23 minutes ago, Jimmyt said:

Same as saying why you need brand name medication when you can buy generics!

Can you explain that analogy? I don't follow. 

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8 hours ago, gavblizzard said:

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My read of his statement is that he is saying "OUR" meaning Western Unions systems (information & technology payments infrastructure) is very complex. That generally means (in IT terms) that it is old and out of date. Which as a result is posing problems for implementation of blockchain services (most likely XRapid).

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How "WE" track it. how "WE" settle it. .... also.... "We did not see the advantage yet because "OUR" system..."OUR" system is quite built on complexity...." and again..."And the efficiency of blockchain couldn't yet replace "OUR" existing settlement system"

It's very common for companies that manage margins tightly to look at IT infrastructures as the least needed expense, "is it working? yes... don't do anything" - "Is it broken? yes... fix it as cheaply as possible". So why would he not just come out and say this? Most likely saying they have an antiquated payments infrastructure that can't handle the additional stress on payment streams (whether software, machine or bandwidth, etc...) the new technology would bring, would have a negative impact on share price or some other aspect of company value that needs to be protected.

I dunno, just a thought.

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I think liquidity is just not there yet for XRP.

But you can start building that liquidity by only sending a certain % of payments through XRP, or only those beneath certain values.

The issue is... how do you make a case like that to Western Union when they already have infrastructure in place?

Ripple needs first movers who are willing to bet big.

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49 minutes ago, radcity79 said:

Can you explain that analogy? I don't follow. 

Why can't WU and other remittance companies co-exist with banks in using XRP? Just because banks can use digital assets like XRP doesn't mean the end of WU or other remittance companies!! It gives consumers more choices and at different prices.

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4 hours ago, DanB said:

Wow, people need to relax. Ripple is attempting to reinvent international settlement, we can’t expect perfect marks across the board all the time, especially this early in the game...

Talk about shaking out the weak hands....

Illmatic opinion...

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I just did a search for the "number of Western Union outlets", and got this, wonder what the "upgrade" could be...

https://www.westernunion.com/us/en/site-unavailable.html?s_tnt=109077:0:0&adobe_mc_ref=https%3A%2F%2Fwww.google.pl%2F&adobe_mc_sdid=SDID%3D7BD4D279F8F9D5F4-00853C42A6950D45|MCORGID%3DAACD3BC75245B4940A490D4D%40AdobeOrg|TS%3D1528485511

image.thumb.png.fac97a46822522a998903ec9ee4e28ae.png

BTW, I found this, it might help explain the slow conversion process...

There are as many Western Union agent locations worldwide as…

https://www.monito.com/blog/western-union-agent-locations-worldwide/

"In the world, there are as many Western Union agent locations worldwide as Post Offices, McDonald’s, Starbucks and Walmarts… combined!"

Edited by GiddyUp
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Besides, this isn't the first time Western Union have said they couldn't find any advantages of Xrapid usage.

Earlier this year, WU CFO Raj Agrawal stated "Efforts are in a testing phase and not a key part of the business. The company hasn’t found anything yet that would be a “big unlock,” he said.

Back then, people were again debating what this "big unlock" meant when clearly it's not signalling good news. Yet people were trying to spin it into something positive. 

Edited by Moonraker
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26 minutes ago, GiddyUp said:

I just did a search for the "number of Western Union outlets", and got this, wonder what the "upgrade" could be...

https://www.westernunion.com/us/en/site-unavailable.html?s_tnt=109077:0:0&adobe_mc_ref=https%3A%2F%2Fwww.google.pl%2F&adobe_mc_sdid=SDID%3D7BD4D279F8F9D5F4-00853C42A6950D45|MCORGID%3DAACD3BC75245B4940A490D4D%40AdobeOrg|TS%3D1528485511

 

BTW, I found this, it might help explain the slow conversion process...

There are as many Western Union agent locations worldwide as…

https://www.monito.com/blog/western-union-agent-locations-worldwide/

"In the world, there are as many Western Union agent locations worldwide as Post Offices, McDonald’s, Starbucks and Walmarts… combined!"

That really is an amazing stat. Good bit of research there ?.

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20 minutes ago, invest2lose said:

if they didn't believe in it, they would've stopped testing a LONG time ago.

Thats exactly what I think and was about to post.

Why would they continue wasting energy, time and money testing it, if they already discarded it?

I mean, for me CEO words are not good and not what we want to hear, but still I don't lose all hope with WU because they will continue testing, and they do it for a reason.

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1 hour ago, Jimmyt said:

Why can't WU and other remittance companies co-exist with banks in using XRP? Just because banks can use digital assets like XRP doesn't mean the end of WU or other remittance companies!! It gives consumers more choices and at different prices.

I can get down with that. 

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