Swiss banking giant Credit Suisse recently released a research report saying that global remittance service giant Western Union is currently testing and considering using XRP for cross-border remittance services. The report also noted that XRP operator and US fintech startup Ripple has invested $ 50 million in Western Union's rival MoneyGram. But the report does not specify whether Western Union is also testing solutions such as Ripple's xRapid products.
According to previous news, Ripple announced in June last year that it reached a two-year strategic cooperation agreement with MoneyGram, the world's second largest money transfer service company, to promote the use of XRP in MoneyGram's daily business. Ripple will invest up to US $ 50 million in two years to invest in MoneyGram. Hikmet Ersek, the CEO of Western Union, said in the same month that he was not opposed to establishing a partnership with Ripple under conditions favorable to both companies. He also confirmed that Western Union has never stopped testing with Ripple's products.