In an exclusive interview with Express.co.uk, Ripple Managing Director Danny Aranda was asked about how the company would work alongside companies like Western Union.
He said: “We would look at someone like Western Union as a potential customer or a potential partner who can use our infrastructures.
“So think of Western Union as a service provider, as someone who provides solutions and consumes and being one of their vendors, one of their infrastructure providers one of their rails that they might put money through Ripple.
“We do actually work closely with one of Western Union’s competitors, main competitor MoneyGram who are the number two money transfer company in the US, and helping them improve…moving money from the US to Mexico which is one of the main corridors.
“We see a lot of potential in that market specifically in the money service business and payment service provider market… offering innovative solutions to customers, they are competing very aggressively with banks and other financial services providers to gain those customers and they’re offering new ways to do that including Ripple.”
Western Union is an American financial services and communications company allowing people to “send money online to 200 countries”, according to the website.
Mr Aranda also said Ripple wants to ensure it is producing “very viable” solutions that can be used in the digital landscape.
He said: “I think a lot of what you see in the cryptocurrency space and in the blockchain space is really focussed on experiments or small proof of concepts.
“But Ripple is really the determined to make sure that we are focused on serving real customers with real problems and our focus area is around cross-border payments and ensuring that we deploy cryptocurrencies as a better method to fund the liquidity for the cross-border flows which is a huge cost centre and a huge problem to that.”
Mr Aranda said Ripple aims to improve the financial services infrastructure by making cross-border payments easier across the globe.
He added: “If I want to send money around the world if my mother lives in the US and I’m living in Europe, that could take two to four days.
“It is actually faster for me to just fly over to her and give it in cash or FedEx it over than it is to send an electronic wire, which is incredibly crazy given the infrastructure we have today.”
Ripple has about $60 billion worth of the XRP token, the cryptocurrency that financial institutions on the network can use to transact.
Ripple also has partnerships with over 100 financial institutions, including the Bank of England and the Saudi Central Bank.
According to Coindesk the price of Ripple has fallen this week to a value of $0.81 and dropped by 1.72 percent at 16.40pm (GMT) on Friday 9 March.