xCurrent 4.0 from Ripple promises 150 customers great benefits

Ripple’s software solutions xCurrent and xRapid are used and extensively tested by a variety of heavyweights in the financial industry worldwide. A new published document indicates that xCurrent customers can easily switch to xRapid in the future, as there will be a lot of further updates.

A document entitled “What’s new with xCurrent 4.0” was presented and promises a lot of upgrades, e.g. 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

The statements of some Ripple employees indicate that it will be easy for RippleNet customers to switch to xRapid in the future, as soon as regulatory clarity exists in the ongoing discussion about the position of XRP as a digital asset. Ripple’s network currently has more than 150 members, mainly banks, payment providers and financial institutions.

Further benefits within the xCurrent upgrade are support for multi-hop payments. This technology enables the procurement of liquidity through the use of the XRP token, without banks having to make excessive efforts to obtain new financial resources. In addition, transactions can be processed faster and cheaper. Furthermore, Dilip Rao, Ripple’s global leader for infrastructure innovation, promises to ensure seamless payment processing (free translation):

Milestone in the scaling of RippleNet! Now, any regional bank can act as a correspondent bank, connecting originators and beneficiaries with multiple intermediaries, with fully transparent data and a nuclear (single) point of contact across all branches. Fees down, speed up!

Cory Johnson, chief strategist at Ripple, did not announce a precise timetable, but pointed out that the oldest products will have the greatest focus, as companies have been testing them for the longest time and are able to determine actual practice results and make investment decisions based on them. The pilot results showed an exponential speed increase as well as 40-70% lower transaction fees. The future dovetailing of xCurrent and xRapid could bring great added value for RippleNet customers.