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Hikmet Ersek Ceo of, Western Union talks blockchain and ripple

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MPCN is not xrp. WU still have to prefund which means a lot of their money is locked up in accounts around the world. They have not solved nostro/vostro. 

I think when he talks about needing regulatory approval to move money into and out of the country...this is his reason for stepping away from Ripple. In his mind, the regulatory uncertainty means that banks or financial institutions that need approval in individual countries need to be resolved first before he’ll consider that as feasible. And so in the mean time it makes more sense to stick to what they already have. 

The idea that he believes regulatory approval seems insurmountable in his mind....is giving me pause for concern. Something to keep in mind. ?

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34 minutes ago, legomaracas said:

MPCN is not xrp. WU still have to prefund which means a lot of their money is locked up in accounts around the world. They have not solved nostro/vostro. 

I think when he talks about needing regulatory approval to move money into and out of the country...this is his reason for stepping away from Ripple. In his mind, the regulatory uncertainty means that banks or financial institutions that need approval in individual countries need to be resolved first before he’ll consider that as feasible. And so in the mean time it makes more sense to stick to what they already have. 

The idea that he believes regulatory approval seems insurmountable in his mind....is giving me pause for concern. Something to keep in mind. ?

As I understand it XRapid will start out serving a limited number of corridors and gradually expand their services as the new exchanges get set up.

WU are very big like Kodak was very big before the advent of digital cameras.

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"technology is there, but at the end of the day it's all about a business plan"

 

He seems like a smart business savy guy BUT is really missing it with this point & stuck in his business plan not realising that technology is about to do away with his "high margins"

I don't have much faith they'll join the party soon enough to save themselves & their business model when people can do it all with an ap instantly cheaply powered hopefully by you know what although they do sound like they want to be focused on future potential & development so maybe they'll find a way...…..

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If the agile FinTech competition provide instance payments faster, cheaper and more transparent, there is no need for such a rusty and sluggish giant.

WU fights for its right of existence. It's not the first time that WU missed the technological status quo.  They still have issues understanding the benefits of computers,  how can they understand the Internet of Value?

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Many incumbents cannot transform their business model.  In order to take advantage of the tech they may face hurtles we have no idea about.  No point in having offices worldwide. The sender and receiver just need a phone. No point in having funds locked up all over the world to exchange currencies anymore.  

Western Unions vast remittance corridors were just rendered useless and they have zero advantage over ANYBODY using ripple tech. Any start up can now move money of any sum to any place. WU business model is dead. 

For all we know they see what is coming but are unable to adapt so they discredit the tech in order to pacify the share holders. 

Or they may be ignorant of the danger they face.  It wouldn’t be the first time. ?

1876: “This ‘telephone’ has too many shortcomings to be seriously considered as a means of communication.” — William Orton, President of Western Union.

And my favourite quote about a tech start up is:

"Neither RedBox nor Netflix are even on the radar screen in terms of competition," Blockbuster CEO Jim Keyes told the Motley Fool in 2008. "It's more Wal-Mart and Apple."

His video-rental chain filed for bankruptcy in 2010.

 

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25 minutes ago, Kaidan said:

Western Unions vast remittance corridors were just rendered useless and they have zero advantage over ANYBODY using ripple tech. Any start up can now move money of any sum to any place. WU business model is dead. 

Exactly, they are given a chance at joining in the beginning of the tension that will bring the earthquake in the global economy. Instead they might choose to sit in a boat that one day will be engulfed by the tsunami.

Edited by mandelbaum

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To be honest, he seems like a clown to me, i am surprised he has become CEO as his knowledge level  and the way he talked seemed equal to branch manager.

Compare it with interviews of People at similar status of CEOs, and you would know who knows his stuff and who is just pretending to know. There was no professionalism and no depth.  Other than that, i guess WU is more worried about short term margins than long term future of company.  May be Mr CEO also cares more about his short term bonus rather than WU’s future.

Edited by RDS

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