Western Union, the world’s largest money transfer service, has revealed that it is conducting a blockchain-based payments trial with Ripple.
Western Union CFO Raj Agrawal confirmed the long-rumored partnership during an interview with Bloomberg, stating that the company was testing the efficiency of blockchain transactions.
Agrawal told the publication that its blockchain efforts are still in a “testing phase” and are not a key part of the 167-year-old firm’s business. He added that, despite industry bullishness surrounding the promise of blockchain technology, the trial has yet to bear any fruit that would be a “big unlock” for Western Union.