Ripple Brings XRP-Powered xRapid to 200 Banks and Financial Institutions
Ripple’s chief technology officer says the latest version of its cross-border payment solution xCurrent is up and running, giving its 200-plus customers a way to integrate the XRP-powered xRapid with the flip of a switch. David Schwartz revealed on Twitter that the upgrade has officially launched.
“4.0 is live. We’re working to get all customers upgraded, but it’s a complex process. Multihop, xRapid support, much easier peering, and a much easier customer integration process are the major new features.”
The upgrade promises “Increased Product Interoperability” and offers banks and financial institutions that want to leverage digital assets a way to “seamlessly access xRapid for digital asset payments.”
This essentially means every financial institution on RippleNet – Ripple’s network of banks and payment providers that use Ripple’s technology to process payments – can now easily implement xRapid and use XRP to increase the speed and liquidity of cross-border payments.
Ripple outlined the features of the new 4.0 upgrade in November.
- Multi-Hop Payments – Leverage new liquidity arrangements for nostro account consolidation and further payment reach
- New User Interface – Deploy, configure, administer and test xCurrent through a simple interface
- Bulk FX – Purchase FX in bulk from counterparties on RippleNet
- Enhanced Onward Forwarding – Gain final mile visibility on payment status when forwarded to domestic payment schemes
- Easier Counterparty Peering – Automate API workflow to enable easier peering to counterparties on RippleNet
- Increased Product Interoperability – Seamlessly access xRapid for digital asset payments
- Upgraded Multi-Currency Support – Onboard new currencies without creating multiple databases
- Additional Error Codes – View more specific error codes for easier STP handling of exceptions
- Zero Downtime – Eliminate server restarts after making configuration changes
- Improved Auditing and Monitoring – Receive detailed audit reporting and health checks for connection issues
Ripple launched xRapid back in October of 2018. The company’s global head of banking recently confirmed 10 companies are now using XRP to boost international payments.