Ripple for global payments

Ripple connects banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money globally.

Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network created by the Ripple company. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP (ripples). Released in 2012, Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.

The network can operate without the Ripple company. Among validators are companies, internet service providers, and the Massachusetts Institute of Technology.

Distribution

Of the 100 billion created, 20 billion XRP were retained by the creators, who were also the founders of Ripple Labs. The creators gave the remaining 80% of the total to Ripple Labs, with the XRP intended “to incentivize market maker activity to increase XRP liquidity and strengthen the overall health of XRP markets.” Ripple Labs also had a short-lived 2013 giveaway of under 200 million XRP (0.2% of all XRP) with some of the amount given to charities such as the Computing for Good initiative, which began offering XRP in exchange for time volunteered on research projects. As of March 2015, 67% of Ripple Labs’s original 80% was still retained by the company, with Ripple Labs stating that “we will engage in distribution strategies that we expect will result in a stable or strengthening XRP exchange rate against other currencies.” In May 2017, to alleviate concerns surrounding XRP supply, Ripple committed to place 55 billion XRP (88% of its XRP holdings) into a cryptographically-secured escrow. The escrow will allow them to use up to 1 billion monthly and return whatever is unused at the end of each month to the back of the escrow queue in the form of an additional month-long contract, starting the process all over. The amount of XRP distributed and their movement can be tracked through the Ripple Charts website.

Used by companies such as UniCredit, UBS and Santander, Ripple has been increasingly adopted by banks and payment networks as settlement infrastructure technology, with American Banker explaining that “from banks’ perspective, distributed ledgers like the Ripple system have a number of advantages over cryptocurrencies like bitcoin.”

Better Than Any Blockchain

Built on the most advanced blockchain technology that is scalable, secure and interoperates different networks.

Provides optional access to the world’s fastest and most scalable digital asset for payments, XRP.

Growing Global Network

Banks, payment providers and digital asset exchanges process and provide liquidity for payments on RippleNet, creating new, competitive cross-border payments services for their customers.

Instant and Certain Settlement

xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles. It includes a Rulebook developed in partnership with the RippleNet Advisory Board that ensures operational consistency and legal clarity for every transaction.

Low-Cost Liquidity

xRapid is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. Because payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. xRapid dramatically lowers the capital requirements for liquidity.

Standard Payments Interface

xVia is for corporates, payment providers and banks who want to send payments across various networks using a standard interface. xVia’s simple API requires no software installation and enables users to seamlessly send payments globally with transparency into the payment status and with rich information, like invoices, attached.

Payment tracking

Process payments on demand with tracking and delivery confirmation, even in non-traditional networks, like wallets.

Capital efficiency

Free up capital sitting idle in foreign currency transaction accounts with on-demand and real-time global payments.

Rich data transfer

Significantly improve the reconciliation process through rich data including invoices attached to payments.

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