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1/5
An #XRP reminder:
When money is transferred from one account to another account within the same bank, there is no need to actually transfer any cash (settlement), it's just an update in their accounting system (payment).
An #XRP reminder:
When money is transferred from one account to another account within the same bank, there is no need to actually transfer any cash (settlement), it's just an update in their accounting system (payment).
2/5
When money is transferred from one account to another account at different banks — but still within the same country — both banks would have open accounts with each other, resulting in an update in their accounting system (payment). No money gets transferred (settlement).
When money is transferred from one account to another account at different banks — but still within the same country — both banks would have open accounts with each other, resulting in an update in their accounting system (payment). No money gets transferred (settlement).
3/5
The banks would work with a system called "Deferred net settlement" which occurs between participating banks at the end of a predefined settlement cycle. They might choose to settle the accounts — and thus transfer the money — at the end of the year.
The banks would work with a system called "Deferred net settlement" which occurs between participating banks at the end of a predefined settlement cycle. They might choose to settle the accounts — and thus transfer the money — at the end of the year.
4/5
However, even that is not needed as they will continue to do business together, and as long as they do so, no settlement is needed.
#XRP is a bridge currency that — as the name suggests — bridges currencies, and is used for international transfers.
However, even that is not needed as they will continue to do business together, and as long as they do so, no settlement is needed.
#XRP is a bridge currency that — as the name suggests — bridges currencies, and is used for international transfers.
5/5
The great thing about using #XRP is that it settles instantly.
If all you do is transfer money within your own country you won't need #XRP. This has everything to do with the trust between the banks of both parties.
The great thing about using #XRP is that it settles instantly.
If all you do is transfer money within your own country you won't need #XRP. This has everything to do with the trust between the banks of both parties.
