Western Union, an American Financial services platform, has partnered with Stellar (XLM) collaborator Thunes with the intention to allow Western Union clients to transfer funds directly to mobile wallets across the globe. Formerly known as TransferTo, Thunes is the rebranded trading name of it. It is a cross-border payments network focused on emerging marketplaces. Previously, TransferTo had collaborated with open source Blockchain project Stellar to test out the integration of Blockchain-powered settlements into its services.
Headquartered in Meridian, Colorado, Western Union (WU) noted in a statement that the partnership with Thunes will focus on enabling the use of WU’s digital network or WU agent locations to transfer funds directly to recipients’ mobile wallets. The company also highlighted that this expanded functionality aims to drive financial inclusion globally by easing financial access for the underbanked, and anyone currently not supported by traditional financial service providers. Recently, the payment giant has indicated that it’s more amenable Blockchain-powered digital currencies. Western Union Global Money Transfer President said that should Cryptocurrencies become an adopted means of exchange between individuals and business, the company would be ready to launch support.
Western Union, besides Crypto, is already exploring the utilization of Blockchain technology, participating in ongoing tests with Ripple to check out the cost and time efficiency value of Ripple’s Blockchain-powered settlement system. Founded in 1851 in Rochester, New York, Western Union has several divisions, as well as products like person-to-person money transfer, business payments, money orders, and commercial services. Additionally, the company offered standard Cablegrams, in addition to Candygrams, Dollygrams, and Melodygrams.