Western Union Exploring ‘Pilot Settlement Project’ With Ripple Labs
The global remittance giant Western Union might use the digital currency ripple in a pilot program. Western Union has confirmed it is currently in talks with Ripple Labs, the company behind the digital currency, but details remain scarce. However, if the program comes to fruition, it would be a landmark moment for ripple and the larger digital currency industry.Vice President of Marketing and Communications at Ripple Labs Monica Long did not confirm the details of the project but did add, “In general, financial institutions and networks use Ripple as a technology that powers real-time settlement in any currency to lower the cost of liquidity and compliance. Ripple was created to enable an Internet of Value in which the world can move value as easily as information moves today.”Ripple Labs has long promoted the digital currency’s payment network as a way to improve global payments, and many suspect that the remittance giant could use the digital currency as a way to send money faster and cheaper, though this has not been confirmed.According to a comment made to Bitcoin Magazine by Western Union’s Director of Global Corporate Communications Kristin Kelly, it does appear the remittance giant is interested in using the digital currency for “settlements” but declined to elaborate.“We have had preliminary discussions with Ripple regarding a pilot settlement project, but it is too early to discuss details at this time," Kelly said.