Two US banks are ready to embrace the Ripple protocol, allowing instant global money transfers

Gigaom

Sending money isn’t as easy as sending an email, especially when it’s dealing with foreign banks — at least not yet. Two U.S. banks, New Jersey-based Cross River Bank and Kansas-based CBW Bank, are set to announce their use of the Ripple currency protocol, which would allow instant and free cross-border payments on the network.

“It’s a big milestone,” said Ripple Labs CEO, Chris Larsen. “We’ve been working on our enterprise banking strategy for well over a year. It takes awhile for banks to get going.”

The Ripple Transaction Protocol (RTXP) is an internet protocol like HTTP or SMTP (which is what powers email) that allows a transfer of value across a distributed network. No one “owns” the World Wide Web or e-mail, and likewise, Ripple is an open-sourced protocol with no owner or operator. Because email is based on the SMTP protocol, you can send messages freely regardless of…

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