Ripple’s xCurrent and xRapid software solutions are used and extensively tested by a wide range of financial industry heavyweights worldwide. A newly published document indicates that xCurrent customers will be able to switch to xRapid without any problems in the future, as there will be a whole host of further updates.
A document titled “What’s new with xCurrent 4.0” was presented and promises a lot of upgrades, e.g. a new user interface, no downtime and improved interoperability between products. 11 leading banks worldwide, including American Express, MoneyGram, MUFG Bank and Western Union, use Ripple’s xCurrent payment technology.
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
According to some Ripple employees, it will be easy for RippleNet customers to migrate to xRapid in the future, as soon as there is regulatory clarity in the ongoing discussion about the position of XRP as a digital asset. Ripple’s network currently has over 150 members, most of whom are banks, payment providers and financial institutions. The switch to xRapid and use of XRP token will sink the low transfer fees even lower which is a big selling point XRP and this Ripple solution.
Other benefits within the xCurrent upgrade include support for multi-hop payments. This technology enables the generation of liquidity through the use of the XRP token, without banks having to make excessive efforts to obtain new funds. In addition, transactions can be processed faster and cheaper. Furthermore, Dilip Rao, Ripple’s global head of infrastructure innovation, promises to ensure seamless payment processing:
Milestone in the scaling of RippleNet! Now, any regional bank can act as a correspondent bank, connecting originators and beneficiaries with multiple intermediaries, with full data transparency and a single atomic point of contact across all branches. Fees down, speed up!
Cory Johnson, chief strategist at Ripple, did not announce an exact schedule, but pointed out that the oldest products will have the greatest focus, as companies have been testing them for the longest time and are able to find actual practice results and make investment decisions based on them. The pilot results showed exponential speed improvements as well as 40-70% lower transaction fees. The future integration of xCurrent and xRapid could bring a great added value for RippleNet customers.
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