Ripple’s xCurrent, xRapid, & xVia Payments Products At A Glance

Ripple’s Wide Range Of Payments Products

The Ripple company, a startup launched from San Francisco, offers a wide range of payments products; and, they’re increasingly being tested by a number of major financial institutions and remittance providers. Moreover, Ripple platform’s rise in popularity can partly be attributed to some of the claims put forth by its designers. For instance, its creators say that Ripple’s cross-border payments technology will allow transactions to be completed much faster and in a more cost-effective manner.

Compared to the existing legacy payment systems, the company’s architects claim that their services are far more efficient. The main reason, often cited, for this is because their payment methods use blockchain technology and digital currencies. Notably, there are even products that Ripple offers, which don’t use its XRP cryptocurrency.

Ripple’s xCurrent Technology

xCurrent, Ripple company’s enterprise-level software solution that claims to “instantly” process international payments between banks, does not use the same technology as XRP, which runs on the XRP ledger. Instead, xCurrent uses what’s called the interledger.

Interestingly, even though interledger is Ripple’s own creation, it is now overseen by the World Wide Web Consortium (W3C) group. W3C is made up of a global community that creates open standards to help promote the long-term growth of the Web. This mission seems to be inline with what xCurrent aims to offer. That’s because the primary objective of xCurrent is to offer inter-operability between digital and fiat currencies.

For example, with xCurrent, funds can be transferred from an account holding USD to another account that expects payment in GBP. In addition, the entities involved in the transaction can use the product’s real-time messaging tool to monitor the payment. This can be quite a useful feature because typos or spelling mistakes can often delay transaction processing times. With live communication, transactions can be confirmed more easily.

 Purpose Of The xRapid Product

If xCurrent is used to send payments in XRP, then Ripple defines this process with what it calls xRapid. This Ripple product is currently being tested by Western Union and even MoneyGram. Basically, xRapid provides liquidity through XRP by allowing assets to be exchanged quickly and efficiently via xCurrent.

The more companies start using this product, the higher the demand will be for the XRP token. While other currencies, both fiat and digital, are supported by this technology, Ripple’s creators claim that using XRP is the best option.

Stefan Thomas, CTO at Ripple Inc., states:

While other digital assets could technically be applied, XRP is quicker and cheaper – at fractions of a penny and about three seconds per transaction.

xVia: A User-Friendly Interface

While Ripple company’s proprietary xCurrent and xRapid claim to provide state-of-the-art payments technology, its xVia product aims to offer the company’s clients a user-friendly interface. One way to understand how xVia works is to compare it to the popular WhatsApp messaging application. Although they’re both quite different in their overall design and function, they share a common design technique.

For instance, the creators of WhatsApp used a clever method to hide the complicated way that its instant messaging works into an easy-to-use interface. Similarly, xVia attempts to conceal the complex technical nature of Ripple’s various payment technologies. Furthermore, like some of the company’s other payment products, the option to use XRP is provided.

Remittance Providers Using xVia

Additionally, xVia enables its users to monitor payments and create invoices showing all their transactions. Brazil’s Beetech remittance service and Canadian Zip Remit are two major companies that are willing to use this product.

At this point, there seems to be a lack of clarity regarding what actually xVia does. This might be because Ripple’s suite of products are quite similar to each other, which could lead to confusion. Clearly, the company’s services and technology are in their experimental and exploratory stages. So, it would be advisable to simply learn more about it, rather than trying make any monetary investment.