Just a few years ago, Ripple opened its doors with a grand vision: to enable the Internet of Value (IoV) to move money like information moves today. We put the pedal to the metal and built a robust enterprise solution to make cross-border payments truly efficient for banks, payment providers and their customers, using advanced blockchain technology.
And now, Ripple’s growing global payments network has 90+ customers, 75+ commercial deployments in progress and a common set of payment standards governing all transactions on the network. We are working hand-in-hand with regulators across the world to show how blockchain can transform cross-border payments and, in effect, global commerce. XRP is quickly emerging as the best digital asset for payments. It makes us proud to see the innovation our customers are bringing to their respective markets in order to move the dial with their clients.
As the market and our customer base has evolved, I want to take the opportunity to articulate how our products are coming together (and growing) to support our one, single vision.
RippleNet: One frictionless experience to send money globally
Based on customer feedback, we’ve given our global payments network a name, RippleNet. This is not new – but simply an evolution of the growing network that has been building significant momentum. RippleNet is the world’s only enterprise blockchain solution for global payments.
How to Join or Use RippleNet
Our customers make up the network and I’m pleased to announce we have expanded our suite of offerings to help even more clients tap into RippleNet.
Processing Payments with xCurrent
xCurrent is the new name of our existing enterprise software solution that banks and other financial institutions currently use to instantly send and receive cross-border payments with end-to-end tracking and bidirectional messaging across RippleNet. Recently, we added a Rulebook, developed in partnership with the RippleNet Advisory Board to standardize all transactions across the network.
The Interledger Protocol (ILP) is the backbone of the solution and makes it possible for instant payments to be sent across a variety of different networks. It’s our belief that this is the only way to scale the global network for future demand.
Sourcing Liquidity with xRapid
xRapid is a new product currently being built for payment providers. As we’ve gone out to market with xCurrent, we uncovered an untapped need for a low-cost liquidity solution for emerging markets. xRapid uniquely uses XRP to lower the liquidity costs of payments in emerging markets. Product development is well underway and I look forward to sharing more over the coming months.
Sending Payments with xVia
xVia is also a new product currently in development. xVia is for those who want to send international payments through a bank or payment provider on RippleNet. xVia offers a standard interface as a simple API that enables users to send global payments with transparency into payment status and attach rich payment information, like invoices.
Personally, I couldn’t be more excited about the potential that Ripple, together with our customers, is bringing to the payments space. We continue to work towards our vision of building the IoV. To that extent, our products are designed to provide a single frictionless experience to send payments globally.