Enterprise blockchain solutions for payments provider, Ripple has reached a new milestone with first bank customer Banco Rendimento launching with RippleNet Cloud. Banco Rendimento joins a list of financial institutions already running the RippleNet Cloud and is the first bank to use Ripple technology entirely in the cloud.
Banks and financial institutions use RippleNet Cloud to maximize their busines benefits with accelerated innovation and time to market, while lowering total cost of ownership. RippleNet Cloud facilitates sending and receiving payments between financial institutions on Ripple’s global blockchain payments network, RippleNet, with less friction and more standardization as companies scale. RippleNet Cloud also offers easier connection to RippleNet, more flexibility and access to new features. About 30% of RippleNet transaction volume flows through the Cloud—an increase of 100% since the beginning of this year.
Marcus Treacher, SVP of Customer Success at Ripple said:
Marcus Treacher
Companies are realizing, now more than ever, the challenges associated with maintaining their own on-premise infrastructures. Because of this, banks and financial institutions have postponed upgrades and minimized feature 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.
Brazil-based Banco Rendimento joined RippleNet in 2019. The bank expects an increase in payments volumes by Q1 2021. Utilizing RippleNet Cloud allows Banco Rendimento to provide its customers with more visibility, transparency and standardization on their balances, while reducing its reliance on manual back-office processes like reconciliation checks.
