Ripple is an open-source protocol that allows quick and cost-effective transactions. Ripplenet is a banking and payment network. Ripple’s solutions and a standardized rule set enable those connected to RippleNet to send and receive payments efficiently across the globe.
— Ripple (@Ripple) May 17, 2019
The operational standardization is available in the RippleNet Rulebook. The Rulebook provides a legal framework on network participants’ rights, obligations, and business rules. RippleNet’s standardized technology infrastructure complements the Rulebook. RippleNet uses a single decentralized network infrastructure that eliminates the need for personalized integration work. The Rulebook and technology infrastructure together create global consistency, which makes transactions with new partners easy for RippleNet customers.
The trajectory capability of RippleNet ensures that payments are transferred as efficiently as possible from the originator to the beneficiary. Payments will be settled immediately once a route has been selected. This is achieved by securing all transaction legs, regardless of the number of involved transactions, with a single pass failure result before payments are made.
The messenger API of RippleNet enables financial institutions to exchange information on the needs, fees, FX rates, payment details and expected time for delivery of funds, thus offering unprecedented visual information about the full cost of the transaction. As a result, the related costs are well-known to all trading parties and thus the amount received by the beneficiary.
All RippleNet participants connect through standardized Ripple technology and enable Ripple’s global banking network, payment providers, and other institutions to settle their transactions with increased speed, transparency, and low cost.
To summarise it Ripple provides one frictionless experience with the power of blockchain technology for sending money worldwide. With the growing global network of Ripple, financial entities can instantaneously, reliably, and cost-effectively process their customers’ payments worldwide. Banks and payment providers can use XRP to cut their costs further and access new markets through digital assets.