After leader in global payment services, Western Union (WU) has agreed to test Ripple’s (XRP) Blockchain-based settlement system, Xrapid and XRP, it is now partnering with another financial giant GraceKennedy Money Services (GKMS) to launch an innovative online remittance platform WU.com at the end of April 2018.
In a press conference at the GraceKennedy’s headquarter in Jamaica, Western Union’s President and Chief Executive Officer Hikmet Ersek explained that the idea is the first of its kind in the Caribbean and Latin America.
According to Michelle Allen, Chief Executive Officer of GraceKennedy Money Services, “WU.com will be hitting a new customer base; customers who are account-based. We don’t expect to cannibalize our existing customers but will reach out to new customers that use the banks.”
Pertaining to the transaction that would be done on the platform, CEO Allen said “the transaction will be a convenient 24/7 online service. You can now send money from anywhere in Jamaica. It has been in development for over two years and heralds our move to digital money. We want people to understand that gone are the days of walking around with cash. We want people to use their phone and GK M Pay products. You can send remittances on your phone and we want you to use your debit and credit cards online to send money. You can now send money to someone’s bank account using WU.com”
GraceKennedy Money Services is a top provider of consumer money services, which houses FX Trader, Bill Express, and Western Union. It has over 140 locations Island-wide and connects 200 countries across the globe.