Let's talk about Ripple's implementation of Xrapid. So if you want to send money from the US to another bank in some country for instance you go to your bank account and in the backend they will use Ripple and your money gets converted into Ripple and it will be sent to another bank and then it will be converted into the local currency, the whole transaction time will only take seconds!
Now a group of 70 banks from JP Morgan Chase, Australia and New Zealand banking Group, Santander, Royal Bank of Canada, and Societe Generale are planning from the last ten months or so to make their own private ledger to potentially speed up processes like those with issues with data for example, confidentiality or wrong addresses to resolve those issues if they can have the same ledger to be shared amongst them so they can be more competitive in the banking space.
Being competitive means that if you would use their services it will be more like the other payment systems like Applepay, wechatpay, or Alibababux and take the fees for themselves rather than use the services aforementioned. Banks now are losing a chunk of earnings because of such payment systems as they are cut out of it but with blockchain technology they can be more viable to use because of the speed and the less fees with the use of the blockchain.