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RippleNet’s new software update offers ‘bunch of functionalities’ to partners, claims Ripple executive




Ripple executive: A new member can join RippleNet within days instead of weeks
Source: Unsplash

Recently, RippleDrop released an extended video of its latest episode, with the main focus being on RippleNet’s software update, the global payment settlement network.

In the episode, Craig DeWitt, Director of Product Management, was asked how the software update on RippleNet improved customer service. To this, DeWitt stated that the software update offers a “bunch of functionalities” to partners. He added that with this update, customers will not only be able to do normal coding and exchange information with the actual settlement, but also create a new way for the end institution to provide full visibility on the payment. He said,

“So whether or not an individual’s picked up cash at a location or funds have actually reached the end beneficiary, those are now a part of the product.”

DeWitt also mentioned multi-hop, the new feature introduced to RippleNet towards the end of last year. The feature provides its members the ability to transact with banks and payment providers, without having a direct relationship. DeWitt stated,

“So, multi-hop allows our customers to make payments anywhere in the world even without a direct fiat relationship with that counterparty.”

When asked about how it benefits financial institutions, he said that instead of having “to part capital” and have “bespoke technical connection” all across the globe, users can send money anywhere using the same API and the single connection. He further stated that the latest software update would allow people to choose the cheapest and fastest way to transact either fiat or XRP, depending on the settlement mechanism they use.

Further, the executive also spoke about its advantages for financial institutions trying to connect to the network. He said,

“Beyond the new functionality that we released, we have a whole suite of tools and developer tool kits that help our partners to go live faster. And that means someone new to RippleNet can get going not in weeks but in days.”

Craig DeWitt added on Twitter,

“Inter-operability of multiple liquidity paths including fiat and #XRP is foundational to what we call the Internet of Value. Great tech and streamlined RippleNet on-boarding doesn’t hurt either!”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.