- Western Union is working hard to ensure that seamless cross-border remittance becomes a reality.
- Western Union is now going to utilize Stellar (XLM) based technology courtesy of Thunes’ network to revolutions international payments.
The global payments behemoth, Western Union is reported to have signed a partnership agreement with a blockchain fintech startup referred to as Thunes. According to a report published by Finextra on March 21, Thunes focuses on cross-border payments. The new collaboration will see Western Union customers move funds straight to the recipient’s mobile wallet.
As the economy of the world continues to grow, there is a constant need to have faster cheaper and efficient cross-border funds transfer system. Western Union is working hard to ensure that seamless cross-border remittance by exploring the ways to leverage the blockchain technology.
Western Union is now going to utilize Stellar (XLM) based technology courtesy of Thunes’ payment network in a bid to revolutions international payments. The partnership is expected to bring financial services to customers across the world including people in remote regions
The Global Head of Account Payout Network at Western Union, Sobia Rahman said in regards to the new development:
“We are continuously expanding and enhancing our account payout portfolio, providing customers with multiple payout options including bank accounts, cards or mobile wallets. Our goal is to make digital money transfer services more accessible, with a specific focus on enabling mobile transactions.”
Western Union is not new to the blockchain technology and cryptocurrencies. In fact, the payments guru has run trials on Ripple (XRP) in the past, however, no clear direction has been released in regards to XRP adoption.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.