Banco Rendimento, one of the top volume producing banks in Brazil, has become the first RippleNet member to shift its RippleNet operations to the Ripplenet Cloud completely. Cloud technology has found a lot of relevance recently as it offers uninterrupted connectivity between the service provider and the customer no matter irrespective of their geographical location.
Financial institutions see great potential in cloud technology in these changing times, as it allows them to attend to customer issues and queries rapidly and resolves them almost instantly.
Ripple has made a name for itself among the cross-border remittance technology providers. Its RippleNet solutions are being adopted all across the globe by various banks and financial institutions to offer instant cross-border transactions at low cost to their customers.
The traditional remittance system is quite complicated and hasn’t seen much advancement in terms of core technology, which makes cross-border transactions a tiresome task.
While Banco Rendimento is the first bank to shift its operation on the cloud completely, many other RippleNet clients such as Azimo, MoneyGram, Pontual, and Viamericas have also been utilizing the benefits of the RippleNet cloud.
80% of New RippleNet Clients Prefer Cloud Deployment
In an official announcement blog published by Ripple, the firm mentioned that its clients are highly bullish on cloud deployment, and a majority of them have already opted for the same.
In the past 6-months, 80% of all the new clients of RippleNet have opted for a cloud deployment while 30% of all forms of the transaction on the RippleNet platform is being carried via RippleNet Cloud.
Adrian Yap, CEO and co-founder at MoneyMatch explained how RippleNet Cloud has helped them connect with multiple financial institutions needed for the business and how this technology could be the way most of the banks function in the future. He said:
“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. 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.”
Banco Rendimento expects to see a significant change in its transaction volumes by the first quarter of 2021 and offer a much more efficient and cost-effective set of services to their customer base.
Jacques Zylbergeld, FX Superintendent at Banco Rendimento, commented on their decision for a complete cloud deployment saying:
“We migrated to RippleNet Cloud to give our customers the chance to connect with global partners easily, faster, and with more transparency. We see cloud services as a way to allow them to navigate easily, 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.”