The Brazilian financial institution, Banco Rendimento, operates in the RippleNet cloud. As the financial industry adjusts to a digital world, cloud technology solutions are playing a more important role.
In this way, the cloud enables instant connectivity between financial service providers and their customers, on a global scale. Banks and financial institutions are relying more on cloud technology to meet customer demands. Because they evolve quickly, adapting to an unpredictable and changing environment.
Ripple signs 28 new XRP production contracts
Ripple Cloud Announcement
Ripple is pleased to announce that Banco Rendimento is the first bank to take advantage of RippleNet technology, completely in the cloud. They join dozens of other financial institutions such as Azimo, MoneyGram, Pontual and Viamericas that are already leveraging the power of the cloud.
In the last six months, more than 80% of new RippleNet customers have opted for cloud deployment. On the other hand, 30% of all RippleNet payments are now sent and/or received through the RippleNet cloud.
„Being hosted on the RippleNet Cloud allowed us to connect with financial institutions around the world that would otherwise be more difficult to connect with from Malaysia. Says Adrian Yap, CEO and co-founder of MoneyMatch.
Yap explained that: „The use of one set of APIs for all our RippleNet connections. It allowed us to reduce our costs and speed up the integration process which otherwise would have taken days or weeks.
The crypto-coin company says that by leveraging Ripple’s cloud solution. Customers increase efficiency and maximize their competitive advantage with a higher speed of innovation and time to market, while reducing total cost of ownership.
That’s why the launch of the RippleNet Cloud allows companies to send and receive payments with integration between all RippleNet customers. This means less friction and more standardisation at scale.
Ripple plans to open new XRP corridors this year
Banco Rendimento evolves
Banco Rendimento expects to increase payment volumes in the first quarter of 2021, using the RippleNet cloud for its operations. Since joining RippleNet in 2019, Banco Rendimento offers customers more visibility, transparency and standardization in their balances. While reducing its reliance on manual administrative processes, such as reconciliation checks.
„We migrated to the RippleNet cloud to give our customers the opportunity to connect with global Crypto Investor partners easily, quickly and with more transparency. We are seeing cloud services as a way to allow them to easily navigate, while they can present and exchange payments in the same environment with customers around the world, and Ripple is helping us with that,“ says Jacques Zylbergeld, superintendent of foreign exchange at Banco Rendimento.
Similarly, Ripple says that consumer demand for instant and simple applications, such as Uber, is increasing. It is accelerating the technological advance of today’s banking services.
Because global banks and financial institutions risk being left behind as more agile technology players adapt to new digital environments.
RippleNet offers the cloud as an opportunity to scale faster and introduce new applications. Ripple’s cloud solution provides banks and financial institutions with a platform to meet the needs of their customers.