Western Union has recently came with a statement that the financial institution is seriously thinking about implementing Ripple within its systems. The experiment will start for basic money transactions and eventually evolve to capital optimization help. According to press, Ripple is becoming the front runner of most used digital currencies in the banking sector, which can give it a significant boost in market value later on.
According to the CEO of Western Union, Hikmet Ersek, Ripple is the latest technology the financial institution is considering for adding to its “portfolio” of digital solutions offered to customers.
According to Futurism, Ersek informed analysts of the Ripple tests during a conference call on February 13, noting that the company is considering ways to use Ripple to settle transactions and for capital optimization. A Western Union spokesperson told Fortune the company is also experimenting with XRP, Ripple’s native cryptocurrency.
On the other hand, Ripple has also confirmed their partnership with Western Union and seem excited to see what the negotiations and mutual efforts bring. Ripple stated in Bloomberg News:
“We’re excited about our work towards a pilot implementation of xRapid, which uses XRP in payment flows.”
It seems that the popularity of XRP is increasing with a lightning speed. Just recently, the Saudi Arabian Monetary Authority (SAMA) — the central bank for the Kingdom of Saudi Arabia — signed an agreement to bring Ripple’s blockchain software, XCurrent, to banks in the country.
Ripple, as a company, has been working extremely hard to implement the product into multiple financial channels and optimize transactions, both in terms of costs and time. Ripple is rumoured to become more valuable even than Bitcoin, given the minor costs involved in using XRP and of course, the speed and efficiency of transactions.
With the cryptocurrency bloodbath recently that has “flooded” the markets around the world, Ripple’s position as a solid performer continues, as more and more financial institutions turn to the digital currency for solving the most pressuring and current issues that need to be resolved.