Visa Direct and Remitly Settling Cross Border Transactions.
The Ultimate Beginner’s Guide Ripple is a for-profit technology platform and also a cryptocurrency (XRP), developed by Ripple Labs. The company focuses on providing real-time payment settlements and currency exchange services to financial institutions such as banks and payment processors.
The ledger is maintained by independent participants of a global “XRP Community,” of which Ripple is an active member. Independent validator nodes come to an agreement on the order and validity of XRP transactions. This agreement, called consensus, serves as final and irreversible settlement. The ledger reaches consensus on all outstanding.
As SWELL quickly approaches we have seen the number of XRP Transactions soar as they are nearing a new ATH. According to the crypto data tracker BitInfoCharts, the number of XRP transactions on the ledger hit 1.63 million on Monday, just short of an all-time high of 1.70 million. The last time we saw XRP daily transaction this high we were in the famous bull run of January 2018.
One of the most popular products from ripple, RippleNet uses on-demand liquidity payment technology in order to conduct real-time cross-border funds in transfers. The platform uses the XRP talking in order to facilitate such transactions in not only a fast but a cost-effective one as well.
The RippleNet payment platform is a real-time gross settlement (RTGS) system that aims to enable instant monetary transactions globally. While XRP is the cryptocurrency native to the XRP Ledger, you can actually use any currency to transact on the platform. While the idea behind the Ripple payment platform was first voiced in 2004 by Ryan Fugger, it wasn’t until Jed McCaleb and Chris Larson.
It is touted as being easy to use with almost free, instant transactions. Ripple is built upon distributed open source protocol, a consensus ledger and the aforementioned digital asset known as XRP. Built for enterprise use, XRP enables real-time global payments anywhere in the world. XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border.
ACI can use real time payments system one of the options is distributed ledger technology and specifically lists Ripple(1). The Clearing House is using Finastra’s Fusion payments (formerly Global Payplus.)(2) Finastra partnered with Ripple and states “deliver innovative payment capabilities by integrating Global PAYplus.” (3) See sources at the bottom of the page.