A real-time gross settlement system, currency exchange, and remittance network called Ripple came with a vision. Enabling the Internet of Value (IoV) to move funds just like information moves in the present time is the vision of Ripple. Ripple is now a well-known name in the cryptocurrency industry. The growing global payments network of Ripple has more than 90 customers and more than 75 commercial deployments. There are three types of Ripple Solutions viz., xCurrent, xVia, and xRapid.
Mentioned below are more about Ripple solutions in the online world:
xCurrent is defined as a software solution built around the Interledger Protocol (ILP). Banks and other financial institutions can perform cross-border transactions instantly across a variety of different networks using xCurrent.
Interledger Protocol (ILP) is defined as a protocol that can be used for payments. Ledgers from two different banks can be connected using the protocol. Intermediaries and central authorities can be removed from the system. The protocol doesn’t only reduce costs, but also reduce the time required in cross-border transactions. Bank systems across borders can be connected by an American technology company called Ripple Labs since it uses ILP.
xVia is defined as a software solution developed by the American technology company Ripple Labs. A person wants to send an international payment. He can use xVia and either a bank or any other payment provider on RippleNet to make this cross-border transaction. A standard interface in the form of API is provided by xVia. Users can perform transparent global transactions. RippleNet is recognized as an enterprise blockchain solution for global payments.
xRapid is defined as a liquidity solution using Ripple’s XRP as a bridge currency. Payment providers can use xRapid for global transactions. xRapid doesn’t only make cross-border payments instant, but also inexpensive since it eliminates delays and reduces costs.
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