By Solomon Odunayo
Ripple, the leading blockchain payment solution provider, has announced that Banco Rendimento, a bank based in Brazil, is now the first bank to launch with RippleNet Cloud.
The recent development has made Banco Rendimento become part of about 24 financial institutions that presently run on RippleNet Cloud.
Benefits of RippleNet Cloud to Banks and Financial Institutions
According to the report published on Ripple’s official website, banks and financial institutions can make the best use of RippleNet Cloud in making their businesses enjoy “faster speed of innovation and time to market, while lowering total cost of ownership.”
RippleNet Cloud makes the sending and receiving payments easy between financial institutions on the Ripple’s blockchain payment technology network. The report further stated that transactions in RippleNet that flow through cloud is now relatively 30%, indicating a 100% increase year-to-date.
Going by Marcus Treacher’s account, the Senior Vice President (SVP) of Customers Success at Ripple, “Companies are realizing, now more than ever, the challenges associated with maintaining their own on-premise infrastructures.”
Treacher added that banks and financial institutions have, for this reason, postponed and reduced their future releases “signifying the need to adopt cloud-based technologies to be more agile and efficient as the world becomes increasingly more digital. With RippleNet Cloud, customers can quickly get up and running and easily scale, all while lowering total cost of ownership.”
The financial institutions that are already leveraging RippleNet Cloud are MoneyGram, Azimo, DeeMoney, iRemit, MoneyMatch, and others.
FX Superintendent at Banco Rendimento, Jacques Zylbergeld, made an exciting remark while reacting to the new development, stressing the benefits the bank stands to enjoy.
He said:
“Migrating our payment infrastructure to RippleNet Cloud allows us to provide our customers with a best-in-class experience. Customers can now enjoy more transparency and easier navigation for both submitting payments and trading. RippleNet also allows us access to global partners, offering a standardized solution, and ensuring the integration and onboarding processes are seamless.”
According to Ripple, over 80% of its customers showed a keen interest in RippleNet Cloud deployment in the first quarter of 2020.