Is a real-time payment protocol, a shared public database with a built-in distributed currency exchange operating as the world's universal translator for money
Ripple, a company that provides global financial settlement solutions to enable the world to exchange value like it already exchanges information giving rise to an Internet of Value (IoV), now announces its product suite expansion by the launch RippleNet.
Distributed database that is used to maintain a continuously growing list of records, called blocks
Thus, RippleNet is a global payments network. According to the Ripple team, this is not new – but "simply an evolution of the growing network that has been building significant momentum". RippleNet is the world’s only enterprise blockchain solution for global payments.
Processing Payments with xCurrent
xCurrent is the new name of the already existing enterprise software solution that banks and other financial institutions currently use to instantly send and receive cross-border payments with end-to-end tracking and bidirectional messaging across RippleNet. Recently, a Rulebook was added, developed to standardize all transactions across the network.
The Interledger Protocol (ILP) is the backbone of the solution and makes it possible for instant payments to be sent across a variety of different networks.
Sourcing Liquidity with xRapid
xRapid is a new product currently being built for payment providers. Ripple team "uncovered an untapped need for a low-cost liquidity solution for emerging markets". xRapid uniquely uses XRP to lower the liquidity costs of payments in emerging markets.
Sending Payments with xVia
xVia is also a new product currently in development. xVia is for those who want to send international payments through a bank or payment provider on RippleNet. xVia offers a standard interface as a simple API that enables users to send global payments with transparency into payment status and attach rich payment information, like invoices.