western union using blockchain for faster transfersWestern Union (WU) has now collaborated with a Stellar (XLM) blockchain based partner, Thunes to speed up the transactions between different WU locations across the world.
Formerly known as TransferTo is an operational international network that has rebranded itself to Thunes. Since the company has been focused on emerging payment concepts the new service is reported to be a partner of well-known blockchain network Stellar. This would allow the service to integrate payments more securely.
WU, on the other hand, has an agreement with Thunes and the partnership is reportedly going to launch a new service that would allow Western Union users to receive their transaction right on their mobile wallets from any corner of the world.
Western Union focuses on international transactions for people who don’t have a bank account and the service has been available for many years. Now the service is taking the next step to bring its well-known service at par with the modern standards.
In addition, the money transfer firm is also reported to have been exploring various blockchain solutions for different operational procedures and improvements in the company.
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