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The Ripple (XRP) payment protocol system has aggressively expanded its market dominance in recent days. Their distributed ledger approach to financial transfers has gained them a strong following with traditional financial institutions. This is unusual, as these banking giants have otherwise shunned cryptocurrency as too volatile or too decentralized. Ripple’s payment protocol is such a severe upgrade to antiquated internetwork transfers that most banks realize failure to adopt will make them uncompetitive. Ripple is ready to reap these benefits in the near term, rolling out a series of products that are aimed to exponentially decrease the time required for money transfer.
Ripple’s Product Array and the Advantages of Adoption
There are three major products in Ripple’s line-up; xRapid, xCurrent and xVia. Each is used for a different section of transfers between disparate financial institutions.
xRapid for Sourcing Liquidity
The xRapid module is designed to augment Ripple Net’s features by providing a combined liquidity pool for anyone that signs onto the network. Institutions gain access to the fiat pools created through using XRP as a bridge currency. Anyone can trade fiat currencies for XRP to avoid foreign exchange fees and ensure rapid transfers without waiting for appropriate trading pairs to be available.
xCurrent for Payment Processing
xCurrent is a rebranding of the original Ripple Net inter-bank transfer module. This platform integrates with each financial institution to create a single common transfer network. Standardized rulebooks and confirmed transactions allow banks to move money back and forth in minutes, rather than days.
xVia for Sending Payments
Finally, the xVia system provides a way for individuals to send remittances across international borders. The Ripple Net system inherently possesses a pool of local currency that can be converted in-transfer to ease the process of sending money home.
Major Partners and the Sectors They Represent
Ripple’s greatest current strength is the absolutely stunning amount of adoption in the financial industry. Industry giants like UBS, American Express and Western Union have all adopted the payment protocol in one way or another. Many are still in the prototyping phase, but as new partners come online, Ripple’s strength is only likely to increase.