Ripple

Ripple proposes an alternative to expensive and time-inefficient international money transfers. Ripple cuts out intermediary banks and enables the sending and receiving banks to communicate directly, exchanging fiat using a cryptocurrency token, XRP. Using Ripple, transactions happen within 3-5 seconds, cost less than one cent, and are publicly available on its native blockchain ledger, reducing the additional management costs of tracking and reconciling payments. Additionally, it utilizes a credit and debit system via its cryptocurrency wallets, removing the need for banks to lock up liquidity to conduct a transaction.