Ripple is a real-time gross settlement system which utilizes a distributed financial technology (called the Interledger Protocol) to ensure that transactions are made quickly and efficiently at very little cost to all parties involved. Its main focus is on connecting banks around the world in a single network that will meet the demands of cheaper and faster transactions while simultaneously opening up new revenue opportunities. Through its common shared ledger, Ripple also ensures transaction certainty and removes settlement risk. Ripple supports any token representing a fiat currency, cryptocurrency, commodity or any other unit of value. XRP is the native currency of the Ripple network and exists as a counterparty-free currency and asset, similar to other cyptocurrencies such as Bitcoin and Ether.
Using Ripple, banks can meet growing demands for faster, low-cost, on-demand global payment services for any payment size. The result: new revenue opportunities, lower processing costs, and better overall customer experiences.