Western Union, Ripple Working On Settlement Tests

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Almost a year after money transfer service Western Union announced that have begun experimenting with Ripple for settling transactions and for capital settlements, the company announced that the ‘experiment’ has indeed taken off.Molly Shea, Western Union’s Global Money Transfers General Manager, Asia Pacific, in a podcast with Analyse Asia said, “We’re piloting some settlement tests with Ripple for certain corridors, the US Dollar and the Mexican peso is one example..learning about possible opportunities.. the options that we choose need to be legitimate and widely acceptable for consumer use.

”When asked about what she thinks is the future of blockchain and its application on remittance, she stated that physical currency will not be going anywhere. Shea added that cryptocurrency is still evolving and it is about staying knowledgeable about the technological advancement.Shea further said, “We have made an investment in a digital currency group. It’s a fund that finds industry-leading insights into blockchains and cryptocurrency space.”As earlier reported by Crypto-News India, Western Union’s Chief Executive Officer Hikmet Ersek had said, “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.

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