DENVER—In what is seen by some analysts as a groundbreaking move, Western Union is adopting Ripple’s blockchain technology and XRP token to improve its cross-border transactions.
The company stated the partnership will “revolutionize” the way Western Union handles cross-border payments by leveraging the advantages of blockchain and digital assets.
The adoption “promises to reduce settlement times, lower operational costs, and elevate compliance and security standards for Western Union,” the company stated.
According to the company, RippleNet, Ripple’s proprietary blockchain platform, is known for its low-cost, fast, and reliable cross-border transactions. It acts as a conduit connecting banks, payment providers, and corporates. Western Union said it plans to use RippleNet to expand its reach, access new markets, and streamline its operations.
The system allows Western Union to benefit from standardized rules, governance, and a robust compliance framework, the company added.
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