Ripple (XRP)

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Truth and facts[edit]

  • Ripple is a global settlement network for various currencies.
  • Ticker Symbol: XRP.[1]
  • RippleNet: The world's only enterprise blockchain solution for global payments.[1]
  • Launched on Year 2012.
  • Offers real-time instant, certain and low-cost international payments.
  • No mining is required, which reduces the usage of computing power and minimizes network latency.

Video playlist[edit]

Ripple: Real-Time Cross-Border Transactions[edit]

  • Ripple the global real-time settlement network.
  • Consumers and businesses have new and increasing demands for cross-border payments.
  • Ripple connects banks around the world and allows them to offer real-time cross-border payment services to their customers.
  • Currently cross-border transactions require many intermediaries to execute so settlement takes multiple days.
  • This often creates costs and risks that make it difficult to meet today's market demands.
  • Ripple enables cross-border payments to execute directly between banks within seconds and provides the bank's end-to-end visibility throughout the whole process.
  • Ripple is infrastructure technology banks can adopt to power new payment services like low value retail and corporate payments.
  • Let's see ripple in action, enabling a person-to-person remittance use case.
  • On the right hand side, you see a banks mobile app.
  • On the left hand side, you see ripple powering the core processes to execute a cross-border payment.
  • Alice, a bank customer in the u.s., logs into our mobile banking app.
  • Her bank uses ripple for cross-border payments.
  • She wants to send money to Bob who lives in Singapore.
  • Bob's Bank also uses ripple.
  • When Alice selects Bob is the recipient, ripple allows her bank and Bob's bank to exchange sender and recipient information to meet risk and compliance requirements.
  • This information is encrypted and exchanged directly between banks via HTTPs.
  • No customer information ever touches the ripple Network.
  • Alice wants to send one thousand US dollars to Bob.
  • Ripple queries the banks for their fees and the network for a real-time FX quote.
  • Ripple packages this information to show Alice the total cost of her payment to Bob in Singapore.
  • Thanks to ripple, banks can provide customers and accurate total cost, delivery time and delivery amount for cross-border payments down to the cent before the payment executes.
  • After Alice approves the payment settlement takes place over ripple in five to ten seconds.
  • Simultaneously ripple triggers Alice's Bank and Bob's bank to update their Ledgers.
  • As soon as the funds are posted into Bob's account, Alice is notified.
  • Ripple's solutions afford banks access to transact directly, speed transaction settlement to real-time, trace funds end-to-end with certainty of delivery, and minimize the total cost of every transaction.
  • With ripple banks around the world are already developing new payment products and services for real-time cross-border transactions.
  • To learn more please contact us at ripple com.

Frequently asked questions[edit]

  • What is Ripple?
Ripple is a global settlement network for various currencies.
Ripple is based on the same principle of Bitcoin, but both with different purposes. Ripple is a global settlement network for other currencies, like a middle man handling all global FX transactions. While Bitcoin is a cryptocurrency or digital currency.

Image gallery[edit]