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anubhavsingh

RippleNet | For a Single, Connected Global Payment Network

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The Current Scenario of Payment Networks

Today’s global payment system fails to address the currently siloed payments networks lacking efficient inter-connectivity to serve the needs of today’s customers.

A few pain points in the subsisting network – limited transparency, low speed, and high cost- stem from the absence of a single, global payments network.

These all points result in moving businesses and consumers away from banks towards Fintech providers. Nonetheless, the latter is much adequate and efficient in meeting consumers’ needs.

What opportunities does Ripple for Banks offer?

RippleNet intends to deliver a single, frictionless platform for cross-border payments.

It’s is a single, global network of banks used to conduct payments using its distributed financial technology; providing a real-time messaging clearing and settlement of transactions.

RippleNet forms of a decentralized network based on the term between Ripple and its network participants. Both utilize the same technology and stick to a defined set of payments standards and rules.

By adopting the technology of RippleNet, banks get robust connectivity, standardized technology, and necessary data attachments with each transaction.

It’s the Ripple’s distributed financial technology that outruns today’s complex infrastructure by lowering costs, expediting processing, and providing end-to-end visibility in payment timing, fees, and delivery.

RippleNet’s ecosystem of participants is categorized into two groups; network users (corporates, consumers, and others) and network members (payment providers and banks).

 

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