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Ripple prepares to brave cross-border transactions storm as Visa enters the fray with B2B Connect

Akash Anand

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Ripple prepares to brave cross-border transaction storm as Visa enters the fray with 'B2B Connect'
Source: Pixabay

Improving the cross-border transactions sector of the financial industry has been seen as the next big thing in the world of technology, something that is also ingrained into the ideals of the Brad Garlinghouse-led Ripple.

To compete with Ripple, Visa, one of the world’s most popular and largest credit/debit card companies, has decided to wade into the FinTech arena by implementing Distributed Ledger Technology [DLT] in their latest product offering, B2B Connect. Kevin Phalen, Visa’s Global Head of Business Solutions stated,

“Visa is also making transactions faster and more transparent with its newly launched B2B Connect product.”

B2B Connect aims to facilitate direct bank connections with financial institutions, having the option to see payment fees upfront. Phalen added,

“Visa B2B Connect is focused on facilitating high-value B2B transactions of about $15,000 and up, which represents a roughly 10% chunk of the $125 trillion cross-border market.”

Visa officials have claimed that with the latest product, transactions will be settled much faster than usual, with the promise to settle any location to location transfer within 24 – 48 hours. The company revealed that it had created the latest platform using the HyperLedger Fabric, one of the key components developed by IBM in partnership with Linux.

Visa’s reach in over 200 countries and partnerships with several market giants has put the ball in Ripple’s court. The San Francisco-based cryptocurrency company had made cross-border transactions its numero uno priority, which was evidenced by its developments and updates. Ripple had made headway in this regard at the turn of the year when Brad Garlinghouse announced that the organization had partnered with over 200 countries to propagate quicker cross-border transactions.

Recently, Ripple announced that the firm had expanded to Brazil in a bid to close the worldwide payments circuit. The official statement from the company read,

“Ripple’s enterprise blockchain solutions enables a better user experience with more agility, transparency and lower cost for cross-border payments. Ripple, the global leader in enterprise blockchain solutions for cross-border payments, launches operations in Brazil to expand its footprint in South America.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

XRP

Ripple’s XRP Ledger Dev Portal unveils updated version of WebSocket API Tool

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Ripple's XRP Ledger Dev Portal unveils updated version of WebSocket API Tool
Source: Pixabay

Ripple XRP Ledger Dev Portal revealed an updated version of the WebSocket API Tool. The latest development in the Ripple ecosystem will enable users to directly communicate with rippled servers, which is responsible for powering the XRP Ledger Network.

An official post detailing the WebSocket update stated that the tool has been incorporated with unique functionalities to the existing tool structure. The “refreshed tool” which was launched as part of the recent site relaunch, allow users to choose which servers to connect, which will include public servers that Ripple operates, XRP Test Net servers or any server that the user locally runs on its computer. This feature is called Server Selector.

The refreshed tool provides options to connect to Ripple’s general-purpose public XRP Ledger servers, full-history public servers, Test Net servers, or to your own server running locally. This list can also change to provide more options in the future.

Another feature incorporated in the latest update is the new Permalink button. The button provides a link wherein users can use to share the current state of their inputs, which includes the request body and the selected server. The official post detailed that the Permalink feature is similar to other web tools such as JSFiddle or CodePen, which “provides a way to prepare a set of inputs and share it with others.”

Another feature is the curl Syntax Button, represented by “>_ ” icon. The button is designed to load a popup with the current inputs of the request box, which is converted into a JSON-RPC call which can be made with the curl utility.

To eliminate simple syntax errors, the upgraded tool has incorporated a feature called Error Highlighting, which as the name suggests, highlights lines with errors by placing red circled X marks.

The Message History Management will display all types of messages in one single stream, which maintains a history of the user’s previous calls until the page is closed or a different server is selected or the history is cleared by selecting the “Clear History” button. The blog further detailed,

“The amount of history the tool keeps at a time isn’t unlimited, which is another change from the previous version. By default, any time the tool receives a new message, it deletes any messages older than the most recent 50, though you can set this to be any amount you like.”





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