As the financial industry adjusts to a digital-first world, cloud technology solutions are playing an increasingly critical role—enabling instant connectivity between financial service providers and their customers, on a global scale.
Banks and financial institutions are relying more heavily on cloud technology to meet rapidly evolving customer demands by adjusting quickly in an unpredictable and changing environment.
Ripple is excited to announce Banco Rendimento as the first bank to leverage Ripple’s technology, entirely in the cloud. They join dozens of other financial institutions including Azimo, MoneyGram, Pontual and Viamericas who are already tapping the power of RippleNet Cloud.
In the last six months, more than 80% of new RippleNet customers have opted for Cloud deployment and 30% of all RippleNet payments are now being sent and/or received through RippleNet Cloud.
“Being hosted on RippleNet’s Cloud allowed us to connect with financial institutions around the world that would have otherwise been more challenging to connect to from Malaysia,” says Adrian Yap, CEO and co-founder at MoneyMatch. “Using one API set for all of our RippleNet connections allowed us to cut our costs and speed up the integration process which otherwise would have taken days or weeks longer.”
By leveraging Ripple’s cloud solution, customers increase efficiency and are maximizing their competitive advantage with faster speed of innovation and time to market—while lowering total cost of ownership. Launching RippleNet Cloud enables businesses to send and receive payments with one integration amongst all customers on RippleNet, meaning less friction and more standardization at scale.
As the top volume producing bank in Brazil, Banco Rendimento expects to increase payment volumes by Q1 2021, using RippleNet Cloud. Since joining RippleNet in 2019, Banco Rendimento provides customers with more visibility, transparency and standardization on their balances, while reducing its reliance on manual back-office processes, such as reconciliation checks.
“We migrated to RippleNet Cloud to give our customers the chance to connect with global partners easily, faster and with more transparency. We’re seeing cloud services as a way to allow them to easily navigate, while they can submit and trade payments in the same environment with clients from all over the world, and Ripple is helping us with that,” says Jacques Zylbergeld, FX Superintendent at Banco Rendimento.
The increase in consumer demand for instant, simple apps, like Uber, is accelerating technological advancement of today’s banking services. Global banks and financial institutions risk falling behind as more nimble technology players adapt to new digital environments. Because RippleNet Cloud offers the ability to scale more quickly and introduce new applications, Ripple’s cloud solution provides banks and financial institutions with a platform to meet these demands.
The world is shifting to a new normal and those banks and financial institutions that provide agile, digital methods are better positioned for industry leadership—today, and tomorrow.