List of banks and financial institutions that use and test Ripple grows from week to week.
Recently it became known that Western Union might join the ranks of these companies. Chief financial officer, Raj Agrawal told the media that the company is on the “testing phase”.
Expanding the circle of partners
Barely a month has passed after Ripple agreed to start a pilot project with competitors Western Union – Moneygram.
See also Forecast the price of Ripple to 2018 (updated version)
In working with partners Ripple is significantly superior to all other cryptocurrencies. Last week the company managed to agree about partnership with UAE Exchange, one of the largest companies on international transfers in the Central Asian region. Yesterday it became known about the partnership with the national Bank of Saudi Arabia, and formerly Ripple have partnered with one of the largest companies in China for payment processing. The Asian subsidiary of SBI Ripple Asia has made significant progress in working with Japanese and South Korean banks in international money transfers.
Ripple has two main products: xCurrent, which is currently used by more than 100 financial institutions and xRapid based on XRP. This product is now challenging the Western Union. The press-Secretary of the Ripple, commented on this partnership:
We tested different products with Western Union. We are very happy joint pilot project based on xRapid.
Technical Director Western Union Sheri Rhodes described the cooperation with the RIpple:
We continue to study different possible blockchain applications that might be used in our business. There are several pilot projects with Ripple. We plan to use a blockchain in the areas like transaction processing, optimization of working capital, regulatory, technology and digital identification.
According to coinmarketcap.com over the last 24 hours XRP increased by 5% and is currently trading at 1.12 dollars.