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Ripple and Western Union to co-chair deliberation on instant international payments
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Ripple and Western Union to co-chair deliberation on instant international payments

by Raphael PutongJuly 2, 2019

It will be interesting to hear what the two significant companies will have to say during the conference, and maybe we might be in for an announcement from the pair.

In today’s world, consumer spending habits and attitudes towards their monies keep on changing with every new day that comes. That is why businesses are going an extra mile to staying at the forefront of industry developments to have a vantage point.

Returning for its seventh edition on 8th and 9th October this year in London, PayExpo will be the best place for companies to come and share experiences and knowledge with industry players, innovators and disruptors who are driving the change in payments. Ripple has read the writing on the wall.

The PayExpo, UK’s largest payment event, is tailormade for individuals who are interested and involved in making money transfer faster, easier, and more secure. So far, we have information that the organizers of the event have a certain number of merchants, retailers, SMEs, MNOs, gaming operator, and investors attending the conference free of charge.

The PayExpo Event

The October 2019 PayExpo event will feature some 40+ hours of content delivery by industry experts covering critical topics that will cut through the confusion straight to the core of the most severe industry issues.

For this year’s event, the theme has been extended to assemble over 2000 disruptors, innovators, strategists, and implementors of the payment community to connect and engage on matters concerning the future of commerce. Representatives from Ripple and Western Union are going to share the stage to discuss how instant cross-border payments stand today, in detail.

Apart from Ripple and Western Union officials, on the speaker’s lineup of this year’s event will be over 100 industry experts who are going to share their thoughts on the most pressing issues and topics the current payment industry faces.

Those planning to attend the PayExpo conference will be privileged to encounter critical decision-makers and investors who will be open to forging new partnerships (and friendships) in the conference.

Ripple Western Union Joint Panel Discussion on Instant Cross-Border Payments at the PayExpo 2019

On 8th October 2019, the day’s schedule has Ripple’s Vice President of EU Strategic Accounts, Jeremy Light, and Western Union’s Global Chief of Digital and Channel Partnership, Chris Fletcher, co-chairing a panel discussion on Cross-Border payment and international business trends at the PayExpo.

At the moment, Western Union is still exploring ways it can explore the use of Ripple’s cryptocurrency and its blockchain technology in its quest to make cross-border money transfer easy, cheap, and secure for everyone.

But before we go more into the potential partnership between the California FinTech company, Ripple Labs, and traditional money transfer service provider, Western Union, we will outline a brief review of the two companies. Western Union and Ripple Labs have significant similarities as they both specialize in offering cross-border payment solutions using modern technology.

Past Behavior of Western Union Towards Ripple

In February 2018, media outlets in the crypto space reported that the CEO of Western Union, Ersek, had disclosed that they were experimenting and looking towards Ripple for assistance in the areas of settling payments and capital optimization.

Through an official tweet, Western Union spokesperson confirmed that XRP and xRapid product were being tested. Ripple confirmed the news by posting their tweet indicating they had entered into an agreement with Western Union and that the tests were on their pilot stages.

However, a few months after the announcement, the cryptocurrency world was stunned by the news of Western Union’s CEO shocking revelations to media outlets stating the collapse of the talks. Ersek claimed that the pilot test had failed to convince him that Ripple’s crypto and blockchain technology was the way to go for the giant money transfer company.

Despite his shocking revelations on the collapse of the Ripple talks, Ersek yet again captured the attention of the market when he disclosed his turnaround thoughts on Ripple. During the 2019 Brainstorm Finance conference, Ersek, stated his intention to add Ripple into their system after they found out Ripple’s platform was five times faster than that of Western Union.

The current position of Western Union seems not to be clear, and the company has a significant customer base of about 200 million customers globally. It will be interesting to hear what the two notable companies will have to say during the conference, and maybe we might be in for an announcement from the pair.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Via tronweekly.com

About The Author
Raphael Putong