RippleNet is a global payment network developed by Ripple to enable fast, low-cost, and secure cross-border money transfers. Its primary purpose is to connect banks, financial institutions, and payment providers on a single decentralised platform, allowing them to send and receive international payments efficiently. Traditional cross-border transactions often involve multiple intermediaries, resulting in high fees, delays, and a lack of transparency. RippleNet aims to eliminate these issues by using blockchain technology to streamline the process.

RippleNet allows real-time settlement of payments, providing immediate confirmation and reducing the need for pre-funded nostro accounts. It uses Ripple’s digital asset, XRP, as a bridge currency to facilitate liquidity between different fiat currencies. This is particularly useful in corridors where direct currency exchange is expensive or unavailable.

The network also ensures compliance with financial regulations and anti-money laundering (AML) standards, making it attractive to institutional users. With RippleNet, participants can enjoy end-to-end visibility of payment status, transaction fees, and delivery time.

Overall, RippleNet’s goal is to modernise and simplify global payments by offering a more efficient alternative to traditional systems like SWIFT. It is designed to support scalable, cost-effective remittances and empower financial institutions with a faster and more reliable global payment solution.