There is a new document from Ripple that shows how the company plans to give all of its banks and financial institutions that are using xCurrent access to the company’s products that’s powered by XRP, xRapid.
The info comes from a flyer that Ripple is distributing at the FinTech Festival 2018 in Singapore.
Increased Product Interoperability
The sixth element on the list, called “Increased Product Interoperability” says banks and financial institutions that are using xCurrent will be able to “seamlessly access xRapid for digital asset payments.”
In other words, every financial institution that’s on RippleNet which is Ripple’s network of banks and payment providers that use Ripple’s tech to process payments will get seamless access to xRapid which uses the digital asset XRP to enhance the speed and liquidity of cross-border payments.
At the moment, Ripple boasts 200 banks and financial institutions as members on RippleNet, and these include massive names such as Bank of America, Santander, and Mizuho Financial Group.
Some of the docs being shared by @Ripple at #SFF2018. Insight into the work they have done with @bancosantander, @InstaReMit and the latest with “#XCurrent 4.0”.@XRPTrump @BankXRP @XrpCenter @LeoHadjiloizou pic.twitter.com/f7UzW2JBD6
— ecent (@EDadoun) November 12, 2018
Ripple explains who xCurrent works:
“All members of RippleNet are connected through Ripple’s standardized technology, xCurrent. xCurrent enables banks to message and settle their transactions with increased speed, transparency, and efficiency with RippleNet members. xCurrent is built around Interledger Protocol (ILP), an open, neutral protocol, that enables interoperation between different ledgers and payment networks. The solution offers a cryptographically secure, end-to-end payment flow with transaction immutability and information redundancy.”
Ripple says that RippleNet is a decentralized global network of banks that send and receive payments via the company’s distributed financial tech.
xRapid triggers boosted XRP adoption
Ripple officially launched xRapid for commercial use on October 1st. Just recently, TransferGo international payment platform, Ripple’s partner just announced that they started exploring the benefits of Ripple’s xRapid.
On Twitter, TransferGo CEO Daumantas Dvilinkskass aid that the company is currently testing the payment solution for cross-border transfers.
