Ripple’s software solutions xCurrent and xRapid are being used and extensively tested by a variety of financial industry companies worldwide. A new published document indicates that xCurrent customers will be able to easily switch to xRapid in the future, as there will be plenty of additional updates.
A document titled “What’s New with xCurrent 4.0” promises many upgrades like a new user interface, no downtime and improved interoperability between products. 11 leading banks worldwide, including American Express, MoneyGram, MUFG Bank and Western Union, use ripple’s xCurrent payment technology.
Some of the docs being shared by @Ripple at #SFF2018. Insight into the work they have done with @bancosantander, @InstaReMit and the latest with “#XCurrent 4.0”.@XRPTrump @BankXRP @XrpCenter @LeoHadjiloizou pic.twitter.com/f7UzW2JBD6
— ecent (@EDadoun) November 12, 2018
According to some Ripple employees, it will be easy for RippleNet customers to switch to xRapid in the future, as soon as there is regulatory clarity in the continuing discussion about the position of XRP as a digital asset. Currently, Ripple’s network has more than 150 members, consisting primarily of banks, payment providers and financial institutions.
Other benefits within the xCurrent upgrade include support for multi-hop payments. This technology enables liquidity to be leveraged through the use of the XRP token, without banks having to make extravagant efforts to find new financial resources.
In addition, transactions can be processed faster and cheaper. Dilip Rao, Ripple’s global director of infrastructure innovation, also promises to ensure seamless payment processing:
“Milestone in the scaling of RippleNet! Now, each regional bank can act as a correspondent bank connecting multiple originators and beneficiaries, with full transparency and an atomic (single) point of contact across all branches. Charges down, speed up!”
Cory Johnson, chief strategist at Ripple, did not announce a precise timeline. He pointed out that the oldest products receive the largest focus, as companies have been testing them for the longest time.
First results show an exponential speed increase, as well as 40-70% lower transaction fees. The future integration of xCurrent and xRapid could bring a great deal of value to RippleNet customers.