Ripple, the cross-border payment firm, has attained a new milestone as RippleNet received the seal of approval that certifies its services as best-in-class for privacy and security. It’s also exciting that RippleNet Cloud has experienced tremendous growth over the past year.
In a similar report, RippleNet was used by MoneyMatch, a Malaysian FinTech focused on cross-border money transfers, to reduce the cost of global transfers by 40%.
RippleNet Is Now System and Organization Control (SOC) 2 Certified
According to the report, in less than a year, over 40 financial institutions have adopted RippleNet Cloud to modernize their core payment infrastructure, faster and cost-effectively, including banks that have historically relied on legacy on-prem solutions.
With Cloud, customers can deploy in as little as 5 weeks and reduce costs with maintaining on-prem servers. This and other benefits saw RippleNet Cloud transaction volume double every 8 weeks on average and attained a run-rate of 1.8 million transactions in 2020.
So, the fact that RippleNet becomes System and Organization Control (SOC) 2 certified implies that Ripple is actually committed to build a trustworthy and secure cloud solution for customers. This also indicates that 2021 would be a better year for RippleNet in terms of growth.
MoneyMatch Used RippleNet to Reduce Global Transfer Costs by 40%
With the help of RippleNet, MoneyMatch has managed to capture an underserved market. The firm provides Malaysia’s small and medium-sized enterprises (SMEs) with a same-day, low-cost means to pay global suppliers.
RippleNet serves as the connection between the firm, financial institutions, and payment providers across the world. Simply put, Ripple’s payment tool gives MoneyMatch the ability to offer better rates and faster transaction times than the country’s traditional financial institutions.
The fact that it became easy for MoneyMatch to integrate with global partners through RippleNet resulted in the reduction of the costs by as much as 40% and many of these savings have been passed onto its customers by providing faster and more affordable service.
Moreover, RippleNets partnerships also helped MoneyMatch offer its customers same-day settlements rather than the usual multi-day process.
Reacting to the new development, Adrian Yap, the CEO and Co-founder at MoneyMatch said, “After joining RippleNet, we became a credible partner for financial institutions all over the world. That helped us cut transfer costs by as much as 40% and settle cross-border payments in just a few hours.”