America’s top-notch financial services body, Western Union is thinking seriously on the use of cryptocurrencies.
This was confirmed by the Western Union President Odilon Almeida said. To add to this the company is also exploring the aspects of improving their service delivery using blockchain technology. Western Union is interested in adopting cryptocurrencies as an option for users to exchange for fiat currencies.
However, Almeida is well aware of the limitations of cryptocurrencies & using it as mainstream transaction modes. He openly came out listing volatility, governance, and compliance, as the three stumbling blocks against its growth. Almeida said:
“Western Union is ready today to adopt any kind of currency. We already operate with 130 currencies. If we one day feel like it’s the right strategy to introduce cryptocurrencies to our platform, technology-wise it’s just one more currency. I think cryptocurrency may become one more option of currency, or assets, around the globe to be exchanged between people and businesses. If that happens, we will be ready to launch.”
This has come up after their Blockchain Trial with Ripple earlier in June 2018 where company CEO Hikmet Ersek argued that the global money transfer juggernaut didn’t get any cost savings from the trial that could make a case for integrating Ripple into its system for cross-border payments. Then in a statement, he said:
“We are always criticized that Western Union is not cost-efficient, blah blah blah, but we did not see that part of the efficiency yet during our tests. The practical matter is it’s still too expensive.”
Ripple’s senior vice president of product Asheesh Birla said it was impossible for Western Union to see any cost savings benefits after making ten transactions using XRP.
Almeida said he remains optimistic about the prospects of leveraging Ripple for cross-border payments, even though the tests have been on-going for a while
“Our pilot with Ripple goes into the same space. It’s about learning. We are looking at blockchain technology and really seeing if it can make us more efficient.”
This is a great voice & move toward the financial sector giving it the most challenging & suitable road to the financial exchanges.
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