According to a recent report, global payment transfer giant, Western Union (WU) has entered into a partnership with Stellar (XLM) collaborator, Thunes to enable users of its platform to transfer funds directly to mobile wallets worldwide.
Thunes which is formerly known has TransferTo is a cross-border payments network focused on emerging markets. Thunes has reportedly a partner with the popular open source blockchain project Stellar. The partnership was designed to help with the integration of blockchain-powered settlements into its services.
Western Union revealed via its press release that its partnership with Thunes will focus on making it convenient for the user of WU’s digital network or WU agent locations to transfer funds directly to recipients’ mobile wallets.
The money transfer giant has noted that this new development will help to increase financial inclusion globally. It helps to ease financial access for the underbanked — and anyone currently not supported by traditional financial service providers.
Western Union has shown its affinity for blockchain-based digital currencies, in recent times. The president of WU Global Money Transfer has also stated that should cryptocurrencies become an adopted means of exchange between individuals and business, the company “would be ready to launch” support.
Apart from using cryptocurrency, it was previously reported that the company has started exploring the use of DLT to improve its platform. WU is reportedly participating in an ongoing test with Ripple to probe the cost and time efficiency value of Ripple’s blockchain-powered settlement system. Western Union’s Chief Executive Officer Hikmet Ersek also confirmed that testing is taking place during a conference call. “We are looking especially in the processing settlement and working capital optimization, also in the regulation part, on the compliance part on the blockchain capabilities,” Ersek said, adding “we do have some tests with Ripple.”
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