Yesterday, Ripple announced it crossed the 300 customers mark on its blockchain cross-border payments network RippleNet. The platform is run by banks, financial institutions and payment providers working to speed up remittance transactions.
Until recently, Ripple had two main products called xCurrent and xRapid on RippleNet. The former is a messaging system for payments which competes with SWIFT. The latter uses Ripple’s digital currency XRP for fund transfers.
However, the two were merged into theRippleNet brand, with xRapid rebranded as On-Demand Liquidity (ODL) which leverages XRP. The solution was announced last year and eliminates the need for pre-funding in cross-border payments. XRP is exchanged between parties rather than using conventional bank accounts.
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