Cryptocurrency market update: Western Union partners with Thunes for cross-border remittance - no update on Ripple (XRP) trials

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.