Among the crypto community are increasingly the question arises about the fact that most of the institutions using the products Ripple, prefer xCurrent, not xRapid. Only a bit of financial institutions use xRapid, and most of them only test technology, but most likely it is due to the fact that the product is still in beta stage and not yet moved into full production.

Moreover, xCurrent still relies on the banking system SWIFT, despite the fact that Ripple aims to replace it with their product. Currently more than 100 financial institutions use xCurrent, to ensure stable and faster payments to their users.

It is a system in which financial institutions fixed capital in foreign accounts to provide liquidity for cross-border transactions. This allows the receiving party to receive money from the pool of liquidity provided by these accounts.

It is inefficient in its current form because it forces companies to maintain multiple accounts across the globe to ensure liquidity. Moreover, the existing network of SWIFT is far from perfect and prone to hacking.

xCurrent directly replaces the SWIFT and is faster and more accurate, as reported by financial companies that use it. However, the vision about the future of Ripple cross-border payments do not require constant use of existing systems.

The liquidity for cross-border transactions, will be obtained through the use of XRP as a currency brokerage. This will allow the banks in the Ripple network, to send and receive money across borders in a matter of minutes, in contrast to 2-3 days, which is the transaction now.

The research results also showed that financial institutions can save 40-70% when you use xRapid for payments. This is the question: How the Ripple moves customers from xCurrent in xRapid.

Director of recruitment talent in Ripple Jim Chauncey-Kelly, it seems, gives clarity on this issue. 9 Aug Kelly spoke with the new recruits in the program on recruitment and interviewing of new employees Interview Now.

– Earlier this year, a large part of my work was focused on hiring many people, versed in engineering. It was probably our biggest push because we create the software, called Convergence, which combines all 3 of our main product in one format the – said Kelly.

Then the post was deleted, but the cache survived the version on 16 August. 17 Aug Kelly posted a tweet that was also deleted after a short period of time.

Hey all – just to clarify — we have 3 product — xCurrent ( in production) and 2 more on the way — xVia & xRapid. Very soon, they are waiting for “convergence”. There is not software that is called “convergence – wrote Kelly in a tweet that was found in the page cache.

Many took this as an explanation of what a particular product does not exist, since it was denied by the same person who made the ad.

There’s also another tweet from technical Director at Ripple’s David Schwartz, with regards to the partnership Ripple with three exchanges, which are used for payments xVia. It xVia could be the Convergence, mentioned Kelly.

– XVia can initiate a payment that uses xRapid to calculate using XRP. xVia — to initiate payment as a browser for the Internet. xRapid converts currency on demand via the liquidity of XRP. It can settle the payments initiated in another place, said Schwartz.

xVia — product Ripple, which acts as a standard interface for payment, which can be used in xCurrent, and in xRapid. This allows two different types of payments and settlements to work together through standardized interface for RippleNet.

For example, imagine that Bank A sends US dollars to Bank B. Bank a uses xRapid, while Bank B uses xCurrent. After the procedure of conversion of US dollar to XRP, the token is sent to another exchange where it is converted into the currency of the receiving party. This is done via the xRapid.

After that xVia can be used to calculate payments using xCurrent instead of using traditional payment rails, which leads to the fact that the money is fully moved through the system Ripple.

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