Ripple Connect is a plug-and-play module that processes international payments for banks. It connects to the receiving bank’s Ripple Connect to exchange KYC and risk information, fees, payment details and expected time of funds delivery. It communicates with the Ripple network to get the lowest currency quotes. It packages this information and presents the entire cost structure to the sending bank, providing unprecedented visibility into the total costs of the transaction. Once the sender approves the transaction, it interfaces with RCL to settle the trade and notifies all parties of the transaction confirmation.
Ripple Connect is a key piece in Ripple's Solution for Cross-Currency Settlement. It is intended for use by banks and similar financial institutions.