The consensus ledger that the Ripple platform actualizes is sufficiently fast and versatile that every day, an ever-increasing number of banks and financial institutions are embracing it as their preferred way to perform their business activities.
Ripple gives an improvement on the traditional way that banks use to work. The exchanges are finished, settled and enrolled in a matter of seconds in spite of the high measure of activity that the platform experiences each day. That is a tremendous improvement over, say, the Bitcoin framework, which takes an average of 10 minutes to complete an activity.
Financial institutions and traditional banks can take days, or even weeks, to facilitate a wire transfer, and let be honest, that delay wouldn’t cut it in our recent financial reality. Overall that, the transaction costs in Ripple are nearly non-existent: the base is 0.00001 XRP. That is nothing if you compare it with the fees of a cross-border payment.