Recently problems with payment networks have increased in number. One of the main issues tends to be disconnection. The only time you can have a smooth payment process is if the sender and the receiving party have similar ledger or network. Again it can be easy if you are doing it within one country. In areas where there is little connection, you can also undertake the process; however, it will be prolonged and excessively costly. To avoid going through all these hassles, the best thing would be following the interledger protocols. Interledger protocol refer to the methods used for payment purposes in all kind of payment networks and ledgers. It works in a way that it connects the ledgers from two different banks hence removing the intermediaries from the system. One good thing about the interledger protocols is that it helps one save on cost as well as the time required to do the transactions between two different banks. The banks also benefit in that they can make some profit from the transactions.
Some will find it a problem using the interledger protocols with the fear that they are required to set up as many accounts as possible on different services. Well, that should not be an excuse anymore.The good thing about the interledger protocol is that it allows one to get money from any ledger without necessarily setting the accounts. It is also good to note that each host addressing the interldeger payments, that is by sending and receiving them, uses a certain protocol known as the interledger module. The interledger module then uses the interledger header for transmission of the payments in their preferred accounts. The modules in the connectors are also responsible for making decisions involving the routing.
Another thing one ought to know is the way the one sends money to another party effectively using interledger protocol. Well, the protocol tends to use the transfer holds to do the work. In cases whereby the routing payments are in large amount, one should be very cautious on the intermediary ledgers or even other connectors used as not all can be trusted. However, you can save yourself from such risks by selecting inteledger protocols that are known to be secure. All you have to do is to make good use of all the holds that may be provided by the underlying ledgers. One of the things you ought not to ignore when doing that is to check on the expiration date in the interledger protocol. Check out more about USD on interledger.
Get more info here: https://en.wikipedia.org/wiki/Payment_system
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