RippleNet is Ripple’s global payment system for financial transfers.
RippleNet is a network of institutional payment providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience for sending money globally. RippleNet uses a standard infrastructure for consistency across all connections along with a ruleset for compliance across all jurisdictions. RippleNet does not use XRP in every transaction, and each institution using RippleNet has the flexibility to use XRP in their payment flows to increase payment speed and decrease costs.
A bank in the U.S. can use RippleNet to send a payment to a bank in Japan quickly and with minimal fees, improving customer experience and efficiency.