Lets reveal all the facts here and not just one line snippets. Western Union is still testing Ripple’s XRapid, but yes the company’s CEO, Hikmet Ersek, stated that it has not saved them money yet. I wonder how many transactions WesternUnion has done so far? How about 10, yes only 10 transactions so far, lol.
WesterUnion CEO/Ersek stated in his interview with fortune,
“We are always criticized that Western Union is not cost-efficient, blah blah blah, but we did not see that part of the efficiency yet during our tests. The practical matter is it’s still too expensive.”
CEO Ersek also stated that the test with xRapid ‘MAY’ be still too small to draw conclusions just yet. Western Union has only tested XRapid between USD and the Mexican pesos.
Is Ersek statement Premature? YES IT IS. Senior Vice President Asheesh Birla at Ripple confirmed that Western Union has only sent ‘10 PAYMENTS’ using xRapid – so far.
Asheesh told Fortune: “If they were to move volume at scale, then maybe you would see something, but with 10, it’s not surprising that they’re not seeing cost savings. They do millions of transactions a month, and I’m not surprised that with 10 transactions it didn’t have earth-shattering results.”
Why would CEO of Western Union make such a statement after doing only 10 transactions? My personal opinion is because Ripple is also doing a test pilot with Moneygram which is WesternUnions competition. The reason Ersek stated that the test with xRapid is still too small to draw conclusions is because it is.
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