Ripple client, dLocal payment program revealed the news of it getting into business with Amazon, top e-commerce. The partnership is aiming at enabling the firm to accept payment using credit and debit cards in Paraguay.
RippleNet is a decentralized worldwide chain of commercial enterprises that utilizes Ripple’s financial technology to complete financial transactions. RippleNet fiscal technology enables real-time messaging, clearing, and settlement of fiscal trades. RippleNet brings together banks, payment providers, digital assets exchanges, and corporates and enables them to send money worldwide smoothly.
RippleNet enables its clients to perform their financial transactions such as e-invoicing, international supply chain payments, and global currency account. It also allows for real-time cash pooling, real-time payments and international P2P payments, and international bill pay.
Features of RippleNet
xRapid enables financial institutions to lower liquidity costs. High liquidity costs result from payments in developing markets that need pre-funded local currency accounts globally. Using xRapid, banks and other payment providers can reduce liquidity costs incurred. xRapid uses a digital product known as XRP to provide on-demand liquidity, thus reducing costs and enabling fast payment in emerging markets. XRP, therefore, offers a solution to liquidity problems in the emerging markets.
xVia enables financial institutions to send payments across different networks using a familiar interface. xVia uses a simple API that needs no software installation and allows users to send payments across the border transparently, accompanied by vital information such as invoices.
xCurrent is a software that enables financial institutions to distinguish themselves by offering global payment services with a lower total cost of the settlement. It lowers the prices to fit within the risk, compliance, and security framework of a particular bank. xCurrent software is merged with the bank’s infrastructure. It is interconnected with the bank’s program by using either an API interface or a translation layer.
RippleNet has a membership of over 100 financial institutions across the globe; for details, click here+. The most recent partnership was with Microsoft in Nigeria. Unfortunately, SEC initiated a lawsuit against Ripple for gaining on sales of unregistered securities on Dec.20. As a result of this lawsuit, several crypto exchanges have threatened to quit XRP. Ripple has, however, announced that it should comply with SEC regulations.