A pamphlet distributed by Ripple today at the FinTech Festival 2018 as shared by XRP enthusiasts on Twitter reflected that xCurrent now has new features that will make it much sought after in the remittance world.
The new xCurrent 4.0 now comes with Multi-Hop Payments, a system that leverages new liquidity arrangement for Nostro account consolidation and further payment reach.
In the same line, the opportunity to purchase with FX in bulk from counterparties on RippleNet is now available on xCurrent.
Also, users of xCurrent can have access to final mile visibility status when forwarded to domestic payment schemes.
Not only that it comes with easier counterparty peering, upgraded multicurrency support, improved auditing, among other features.
According to Ripple, “xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles. It includes a Rulebook developed in partnership with the RippleNet Committee that ensures operational consistency and legal clarity for every transaction.”
The document also states that Ripple is planning to give financial institutions that deploy xCurrent the advantage to seamlessly access xRapid, a tool that majorly depends on XRP for cross-border payment settlement.
Nothing less than 200 FinTech companies and banks are at present on the RippleNet. Siam Bank, Saudi’s SAMA, MUFG Bank and other major banks in UAE, Kuwait and Saudi Arabia are using this tool. They now have access to Ripple’s xRapid by default.