

What is XRP
xCurrent
xCurrent is an enterprise solution for cross-border payments, connecting banks and financial institutions on RippleNet without using XRP. The design fits within the bank’s existing internal infrastructure as well as to comply with each bank’s risk, privacy, and compliance requirements. xCurrent provides four distinctive features to allow fast, low cost, and real-time payment:- Messenger: Allows banks to exchange KYC and risk information, fees, FX rates, payment details, and expected time of funds delivery. This feature enables visibility and transparency of information between banks. As as result, this will reduce the time needed for due diligence and minimize transaction risks.
- ILP Ledger: The ILP Ledger is a subledger of each transacting bank’s general ledger. It allows instant transactions by tracking the credits, debits and liquidity across the transacting parties.
- FX Ticker: Provides real-time exchange rates between currency pairs for transactions.
- Validator: Coordinates the movement of funds across the ledgers of transacting parties using cryptographic proof. By being the single source of truth confirming the success or failure of a payment, it eliminates risk and delays in settlements due to miscommunication.

xRapid
Transactions between banks could take a long time if the two banks do not have a direct relationship, in this case, intermediary banks would charge an additional fee on the transaction. xRapid targets to reduce the liquidity costs of payments between emerging markets with the use of XRP as an intermediary. When we initiate a payment through xRapid, the funds convert automatically from the remitter’s local currency to XRP. The XRP will then be sent to the beneficiary’s bank and convert back into the beneficiary’s local currency. 

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