Jump to content

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


Recommended Posts

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 by Julian_Williams
Link to post
Share on other sites

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.

 

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.