xCurrent is a software that sits between banks and RippleNet. It transforms traditional payment messaging formats into standard messages that're recognized by other users in RippleNet. Banks use xCurrent to make transactions that're fast, efficient, cheap and transparent. It consists of four components:

• Messenger: It allows banks to communicate with each other. Before making a transaction, banks can exchange with each other the KYC information, payment details, exchange rates, and so on. This allows banks to know the total cost of the transaction before even making a transaction.
• Validator: They confirm whether transactions are valid on a Ripple network. Multiple validators on the Ripple network reach a consensus on the state of the ledger. They work efficiently by minimizing settlement risks. 
• ILP ledger: Every bank integrated with xCurrent will have the ILP ledger. It's powered by xCurrent with 24X7 availability. It automates the process of fund settlement. It will keep a track of credits, debits, liquidity, and so forth.
• FX ticker: If a bank wants to exchange some dollars for euros from another bank, it needs to be aware of the exchange rates. After an exchange is made, the ILP ledger needs to be updated. FX ticker is the component that facilitates such exchanges. It will provide exchange rate information between ledgers. It also enables asset exchange between ledgers and ensures transaction settlement.