Ripple Looking to Expand its RippleNet Technology to Many More Destinations

By Prashant Jha

Ripple made banking solution technology RippleNet has been appreciated by many and hundreds of banks around the globe have decided to incorporate the technology in their banking consensus. The technology provides lightning fast transaction speeds at negligible costs.

Ripple’s banking solutions in the form of RippleNet, X rapid and XCurrent has been appreciated by many experts and even world bank, which proves that the company despite its controversy over the circulation supply of its native token XRP, has not been deterred from refining its banking solutions and providing a great product for the troubled banking systems.

Ripple’s Senior Vice President Asheesh Birla recently uploaded a video on company’s official Youtube page where he is seen talking about the company’s plan to expand its RippleNet technology to new destinations. The video is 13 minutes long where Mr. Birla is being interviewed by the Ginger Baker – Ripple’s Senior Director of Product. In the video, Birla explains the specific details of their expansion plans.

In the video, Birla says that nothing has changed with banking systems since the 1960s while the user base has grown tremendously. Birla suggests that banks failed to make changes to their system with changing times and this has become a great concern. Asheesh went on to say that the current banking system needs a complete overturn to suit the needs of modern times.

Ripple has been partnering with a plethora of banks around the globe and a significant amount of banks are planning to incorporate Ripple made banking solutions. Asheesh says,

“Ripple is working together with banks, payment providers and central banks around the world to make a better and more modern financial system to send money across borders”

The collaboration of various banks with Ripple gave birth to the concept of RippleNet, which is basically a coalition of many different financial institutions including banks and other payment providers, who are keen on using technology to make payments (even cross-border ones), more seamless.

How RippleNet is Transforming the Banking Sector

Banks works on a centralized database which give it scalability to enable thousands of transactions simultaneously, however, the banking system takes anywhere from 3-5 days to process large transactions or cross-border transactions. With RippleNet, the same transaction can be completed within 4 seconds.

Apart from slow transaction processing, another major problem with current banking systems is the mind-boggling transaction fee which may range anywhere from 3-10% of the total amount. These transaction fees can easily burn a hole in your pocket while using RippleNet the transaction fee is in cents.