Ripple is confirming reports of a major rebrand of its core products.
Representatives at the company tell the Japanese media outlet Morningstar that its payment messaging system xCurrent and corporate payment API called xVia will now simply be referred to as RippleNet.
In addition, its XRP-based cross-border payments platform is no longer called xRapid, and will instead use the name On-Demand Liquidity.
“Rather than purchasing xCurrent or xVia, customers connect to RippleNet via on-premises or the cloud, and instead of purchasing xRapid, customers use on-demand liquidity.
These are not new products, but a rebrand of existing products. There will be little change and no impact on customers.”
Ripple says it wants to emphasize the company’s mission to build a payment network rather than promote a suite of software solutions.
The company’s website recently went through a redesign, emphasizing RippleNet as the overarching name for its enterprise payment solutions.
“With a single connection, access the best blockchain technology for global payments, payout capabilities in 40+ currencies, On-Demand Liquidity as an alternative to pre-funding, and operational consistency through a common rulebook…
While all the financial institutions on our network enjoy faster, lower-cost global payments, those who use the digital asset XRP to source liquidity can do so in seconds. XRP is quicker, less costly and more scalable than any other digital asset.”
Ripple is streamlining its messaging amidst a growing sea of competitors vying for customers in the digital economy.
In addition to legacy payment platforms, traditional banking services and the leading cryptocurrency, Bitcoin, Ripple has watched a number of new entrants in the cross-border payments space, including Facebook’s upcoming controversial Libra project, Swift’s global payment initiative and JP Morgan’s JPM Coin.