Founded in 1851, Western Union is now considered one of the biggest names in the financial world. The company broke out more than $ 300 billion of transactions in 2018 alone.
Western Union started testing Ripple’s technology towards the end of 2017. Western Union, like many other companies, was testing this technology for international transactions.
The fact that the company started testing Ripple excited many at first. But it didn’t take long for this excitement to go out. Because Western Union executives stated that they did not get a good efficiency from Ripple’s technology in their statements about the subject. More precisely, they stated that there is no big difference between the technology they are currently using and Ripple’s technology and there is no need to change their existing systems.
Western Union CEO Hikmet Ersek shared some notes on this topic at the Brainstrom conference last year. Ersek, who evaluates Ripple’s technology, said that as a company, they have not yet obtained a great deal from these tests. Ersek even stated that Ripple’s technology was 5 times slower than Western Union.
After these statements from the executives, Western Union’s adventure with Ripple was thought to be over. But this adventure is not over yet, according to a report by Credit Suisse.
According to research by the Credit Suisse team, Western Union continues to test Ripple. In fact, the company is now more optimistic towards Ripple than before.
Today, over 300 banks and financial institutions are using Ripple’s technology. One of them is MoneyGram, the rival of Western Union. MoneyGram seems to be pleased with the cooperation with Ripple so far. This may be why Western Union has begun to investigate Ripple in more detail.
Of course, we do not know how the relationship between Western Union and Ripple will take shape in the next month / years. However, the fact that the company is still testing Ripple, of course, creates certain question marks in people’s minds. But for these questions to be answered, we have to wait for an explanation from Western Union.