xcurrent

xCurrent is a real-time settlement system developed by Ripple, a financial technology company. The system allows for the instantaneous settlement of cross-border payments, eliminating the need for cumbersome and time-consuming legacy settlement processes.

xCurrent facilitates the exchange of currencies and the transfer of value across borders, leveraging Ripple's global network of banks and financial institutions. The system enables banks to provide their customers with faster, cheaper, and more reliable payment options, with higher customer satisfaction and lower operational costs.

xCurrent functions as a cloud-based application, accessible via a web interface or through mobile applications. It allows for the processing of multiple currencies and supports various payment protocols, enabling seamless interactions with other financial systems. The system's architecture is designed to be highly scalable and secure, with multiple layers of protection against cyber threats and errors.

xCurrent is built on the principles of the Interledger Protocol (ILP), which enables the exchange of value and citizenship between different ledgers and networks. This allows for the integration of assets and currencies from various sources, creating a more comprehensive and interoperable global payment network.

Ripple has made xCurrent open-source, allowing the development community to contribute to and enhance the system. The technology has gained traction among major financial institutions, who are adopting it to streamline their cross-border payment operations.