Research Confirms Western Union is Testing & Considering Use of Ripple (XRP) for Remittance

[lawalkhalid]

https://newslogical.com/research-confirms-western-union-is-testing-considering-use-of-ripple-xrp-for-remittance/

[Flintstone]

38. on this document https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=csplusresearchcp&document_id=1082106811&serialid=9ItaQaLeKMYkTfzB0rHonfefWNL6W5uABHoXHk5EVRA%3D

Edited April 13, 2020 by Flintstone

[enrique11]

That's good news. I recall Western Union being dismissive about Ripple's tech in the past, saying their tech was optimized for global payments already and Ripple tech wouldn't improve on that - something to that extent was said.

[AlejoMoreno]

This isn't anything new. Western Union was working with Ripple a long time ago and said that, for the time being, using RippleNet was not saving them money because Wester Union has already spent years building out their currently liquidity network.

Edited April 13, 2020 by AlejoMoreno

[Julian_Williams]

48 minutes ago, AlejoMoreno said:

This isn't anything new. Western Union was working with Ripple a long time ago and said that, for the time being, using RippleNet was not saving them money because Wester Union has already spent years building out their currently liquidity network.

It is difficult to evaluate whether this is "new".  As I remember it there was a lot of speculation during the turn of 2017-18 that WU would be adopting XRP/XRapid tech, but this speculation was followed later in the year with disappointment after it was discovered they had tested a handful of payments (something like 5) and the CEO of WU made some remarks that rubbished the tech as not saving WU money.  The Fudsters loved this smack in the face for Ripple/XRP.

At face value this article seems to  infer there has been more evaluation by WU in recent months.

Personally I think WU are like a shipping line rejecting becoming an airline because their ships are profitable and they do not know how to set up an airline that would take business from their shipping line.  It strikes me that in 2018 they had a classic head in the sand approach to ODL, and it is inevitable that they will either be forced to re-evaluate or lose market share to more agile competitors.  Personally I do not think WU are important because small FIs are lining up with their API services and they are now poised to strike at many of the traditional WU markets whatever WU decide.  In one or two years it will be game over, whatever WU decide. 

Edited April 13, 2020 by Julian_Williams

[WrathofKahneman]

I don't think it is breaking news unfortunately.  From a January overview of Credit Suisse forecasting investments, it adds no new information, or citations - just one sentence. We know they were interested, then they lost interest because their operation is already very liquid, and then last year there was a head of Asian operations who said they hadn't finished with it and were re-considering it, but it was far from a committed statement.  WU is massive compared to every other remittance co, but I don't think we will see them use Ripple for a while, and XRP until there are several ODL corridors important to them.

Apologies for the self promotion but the CS overview noted a number of Ripple related companies:

 

And here is an August article in which an exec says they recal they might be testing US/MEX corridor:

https://bitcoinexchangeguide.com/western-union-piloting-settlement-tests-with-ripple-for-usa-mexico-corridor-wu-general-manager/

 

 

Edited April 13, 2020 by WrathofKahneman

[WuWei]

I remember reading something from WU describing how Xrapid wouldn't be of significant benefit to them for their existing corridors, due to the infrastructure/systems that they already have in place. They then went on to add that they could see possible utility by allowing them to expand into; and therefore be competitive in; areas where they weren't currently established. I can't recall where I came across this, but I do recall that it allayed some of my concerns about the initial negative WU reports.

 

[xerxesramesepolybius]

Maybe things will change now WU know how much Ripple is willing to pay people to use ODL.