Ripple Introduces Global Decentralized Payment System
Ripple introduced its new product RippleNet, an international unified payment network operating in real time, as reported on the company’s official website.
RippleNet complies with all regulatory standards and provides affordable service costs, fast transactions, and accuracy. With the adoption of this solution, banks will be able to compete with the fintech companies. The new ecosystem consists of financial institutions and payment operators, which facilitate the most transparent transactions.
The developers of the new system noted that RippleNet will become a single global network with a universal access point to the decentralized transaction system, unlike modern banks which use their own separate payment systems.
The RippleNet payment corridors provide end-to-end transactions in such a way that each of the transaction participants will be confident in the accuracy and success of the financial transaction.
Currently, most operators charge extremely high fees, which sometimes reach $25 or $35 per transaction. The network, developed by Ripple, minimized this cost by reducing the transaction path, and hence the processing time, which is the major part of the commission. The company's specialists stated that the need to pay bank fees can be completely ruled out when using the Ripple’s XRP tokens in transactions.
As previously reported, Ripple is going to launch a crypto payment system xRapid based on distributed ledger technology in October.