Payment network Ripple continues to make progress, involving the use of its technology the world’s largest money transfer operators. This week the company boasts two successes to Ripple the Net join Western Union and UAE Exchange.
The leader in the world market of remittances Western Union company has focused on conducting a joint company Ripple experiment to make payments in the blockchain.
Financial Director Western Union Raj Agrawal (Agrawal, Raj) already confirmed long-standing rumors about the partnership in an interview with Bloomberg, saying that the company is testing transactions in the blockchain.
Agrawal said that while the project is still in the «testing phase» and not included in the principal components of the company’s business from the 167-year history. He also added that despite the positive attitude to the technology of the blockchain, to judge the results of the experiment yet.
It is noteworthy that in 2015 these companies have already conducted a joint experiment, however the results did not affect the operations of Western Union.
Details of the new experiment are not reported, but apparently Western Union is going to join the corporate RippleNet blockchain, which is accessed through the product xCurrent.
In January, the company Ripple stated that «3 out of 5 of the world’s leading money transfer companies plan to use XRP in payment flows in 2018», confirming the assumption that Western Union is already testing the integration of XRP or is going to expand the scale of the experiment, including tokens, XRP.
The world’s second-largest money transfer service MoneyGram has also started testing of based on Ripple XRP product to implement internal processes in January of this year.
Earlier this week Ripple spoke about the partnership with payment giant UAE Exchange – one of the largest money transfer services in the Middle East. Like most of the other partners of Ripple, the company joined the private blockchain RippleNet, ignoring a public blockchain Ripple Consensus Ledger.
An interest in technology Ripple comes out and by the largest global banks.
Following the Bank of England, who began to work with startup in the past year, the Central Bank of Saudi Arabia also plans to test the technology. Head Ripple Garlinghouse brad (Brad Garlinghouse) said about this at the conference Blockchain Connect Conference in San Francisco.
«Such a revolutionary program first runs the Central Bank. Banks-participants of the Kingdom of Saudi Arabia will use xCurrent for instant payments inside and outside the country, improving transparency and lowering costs.»
In the beginning of the month came also the news that Spanish Bank Santander has launched a mobile app for payments, using technology xCurrent. Last week RippleNet joined the Chinese operator of remittances LianLian International.