Ripple rolls out new xCurrent version
Ripple has just released xCurrent version 4.0, an upgraded version of its most popular product, boasting some very significant feature upgrades.
xCurrent version 4.0 features
xCurrent is a Ripple payment network solution specifically positioned to take on the 45-year-old existing SWIFT system. Ripple has already gained the trust of many clients and partners that use xCurrent notably American Express, PNC, and Santander.
Recently it has come out with an upgraded version, xCurrent version 4.0 with certain additional features. Although not all its clients have upgraded to the new version, several including American Express and Santander have joined the bandwagon.
The most notable feature of version 4.0 is that of closer integration with xRapid. This is another Ripple product that makes use of its flagship cryptocurrency XRP for its cross-border payment transactions. With the use of XRP, it has made these transactions faster, easier, safer and cheaper by using XRP as the bridge between the sending institution and the receiving one. In simple terms, the currency from the sender is converted to XRP and sent to the recipient who decides which currency it will be converted to. This process is dubbed On-Demand Liquidity.
Integrating with xRapid is an option available to xCurrent clients but they do not necessarily need to do so if they do not wish to. Even if they choose not to, the new version has added features that are still very useful.
One of these is what they call Multihop. This bypasses the existing system of relying on big banks (such as Citi) that serve as hubs for payments. Instead, the new system allows payments to be relayed to other xCurrent users in a peer-to-peer configuration. This will give smaller institutions the same reach larger institutions already have.
Another new feature is Bulk FX (Foreign Exchange). This is the alternative solution for xCurrent clients who do not wish to integrate their transactions with xRapid. As the term implies, this will allow xCurrent clients to buy fiat currencies in bulk so they can advance funds to foreign bank accounts. This will ensure consistent exchange rates for their customers, especially those with online accounts.
xCurrent Version 4.0 also includes Enhance Onward Forwarding, which links the product to local payment companies to verify if payments are received by the recipients.
The rollout of the new version is very significant especially for people who rely heavily on using online payment systems. Cryptocurrency investors are also keeping track of these developments as they see the closer integration of xRapid with xCurrent to boost XRP’s value in most trading platforms.