xCurrent Allows Financial Institutions to ‘Easily Access’ Ripple’s xRapid Protocol for XRP Coin Use
As per an official document released by Ripple recently, it is being said that the firm intends to provide all of the banks using its xCurrent platform with “seamlessly access” to its XRP-powered xRapid protocol.
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
— Eric Dadoun (@EDadoun) November 12, 2018
With this basically means is that every financial institution that is currently part of Ripple’s burgeoning payment network (referred to as RippleNet) will be able to make use of xRapid’s native database. Also worth mentioning is the fact that as things stand, Ripple currently has around 200 banks as well as other financial entities on its RippleNet network. Some of the firm’s high profile clients include:
- BOA (Bank of America)
- Mizuho Financial Group.
How Does xCurrent Work?
As per a blog release on the official Ripple website, xCurrent works in the following manner:
- To start off with, members of RippleNet are connected to one another using Ripple’s standardized technology, xCurrent.
- Following this, xCurrent makes use of a niche’ functional module to connect all of the participating banks with one another — so as to help settle transactions with increased speed, transparency and efficiency
- Another point worth considering is that xCurrent has been built using the Interledger Protocol (ILP), which is an ‘open, neutral OS that allows for a high-degree of interoperability between different ledgers and payment networks’.
Lastly, instead of using disparate technologies that deploy unstandardized communications and centralized networks, RippleNet is designed to be a completely transparent, global network of financial entities that can send/ receive payments using Ripple’s distributed financial technology.
As is clear for everyone to see, Ripple has been making waves all through the global crypto scene over the past couple of years.
By partnering up with some of the biggest names in today’s alt-asset market, the firm’s future looks to be heading in the right direction.