From Yahoo Finance. Ripple CEO: ‘We are solving a problem measured in trillions of dollars’
More XRP News https://twitter.com/BankXRP
On Wednesday, Western Union confirmed what has been rumored for over a month: it is testing out use of cross-border payments platform Ripple.
More than 100 banking clients are using Ripple’s product xCurrent. But Western Union becomes just the fifth customer to try xRapid, the separate Ripple product that employs Ripple’s cryptocurrency XRP. The price of XRP moved more than 11% on Wednesday on the news.
“We’ve been testing different products with Western Union for a while,” a Ripple spokesperson tells Yahoo Finance. “We’re excited about our work towards a pilot implementation of xRapid, which uses XRP in payment flows.”
Western Union CTO Sheri Rhodes sent Yahoo Finance this statement on why Western Union is trying out Ripple: “We continue to explore possible blockchain applications for our business, and we are piloting some settlement tests with Ripple for certain corridors. For blockchain in general, we’re looking at areas such as transaction processing and settlement, working capital optimization, regulatory technology, and digital identity. We have a strong platform and system that work well today, but we continue to explore and test whether these technologies could potentially reduce costs and improve the customer experience.”