Western Union CEO: Transaction costs using Ripple technology are five times that of Western Union's existing systems

Western Union previously showed a short-term interest in cryptocurrencies and tried xRapid's payment settlement service. The company's CEO, Hikmet Ersek, recently participated in a panel discussion that presented his views on Ripple's ongoing development and the latest encryption-related updates. Although the previous project did not significantly improve the performance of Western Union, Ersek acknowledged that the financial payment company still maintains a team focused on the blockchain and cryptocurrency. Ersek has a positive outlook for the encryption industry and said that the cost of trading with Ripple technology is five times that of Western Union's current settlement system.