This is how XRP coins are used as payment and settlement systems

Although Ripple has been criticized for its pre-mined currencies, banking influence and the quality of centralization, the platform – on the upside – has done positive work with speed and reducing cross-border payment costs.

Ripple also focuses on increasing the demand for Ripple XRP and in a way that it is doing is through its rapid settlement technology. The technology allows quick payment systems. Not only are daily users attracted to this technology, but also banks. The components of technology that attract banks include xCurrent and xVia, and these do not require a specific use of XRP.

xRapid aims to improve the processing time of global payments and also to mitigate costs. Cross-border payments become instant thanks to XRP technology. Currently, financial institutions that have adopted xRapid in their operations have recorded significant savings of between 40 and 70%. Also, on average, an xRapid payment can take about two minutes. Part of the transfer is also based on the XRP ledger and represents a few seconds of the process.

The entire payment path is also interesting. The banking entities will be connected to the stock exchanges, which will exchange the original currency with the one in which the final payment is being made. Upon completion of the transaction, the funds are dispersed. The best quality of the transaction is that it can be monitored at every stage of the process and is also convenient.