Banco Rendimento, a Brazilian bank founded in 1992, joined RippleNet back in January 2019. Almost one and a half years later, Rendimento has become the first bank to join the newly launched RippleNet Cloud.

RippleNet Cloud

RippleNet Cloud was introduced only a few weeks ago, by Ripple’s Vice President of Product, Amir Sarhangi.

“RippleNet Cloud allows customers to send and receive payments with one integration and a common Ripple Payment Object (RPO) amongst all customers on RippleNet—meaning less friction and more standardization when customers are ready to scale.”

“Using Cloud, customers can go live on RippleNet five weeks faster than on-prem customers and avoid hardware requisition or staffing to get started—speeding up payments for the end consumer”, said Amir Sarhangi. “RippleNet Cloud also makes it easy for financial institutions to add alternative settlement through On-Demand Liquidity. Cloud customers can also maintain and make new connections more easily, through one API for all of their RippleNet connections” added Mr. Sarhangi.

Cloud solutions are cheaper to deploy and manage compared to on-premises solutions. At the same time, Ripple’s Operations team handles maintenance and upgrades. This reduces customers’ expenses, allowing them to pass these savings to consumers in the form of lower costs and more competitive rates. Additionally, financial institutions on RippleNet Cloud cut down on their hardware and staffing management expenses and take full advantage of Ripple’s Operations and Technical Services teams monitoring and support, round the clock.

Rendimento heads for the cloud

According to a press release on Cointelegraph Brasil, Banco Rendimento, one of Ripple’s first partners in Brazil, is also the first to join the company’s cloud services. The bank became the first in the banking industry to join Ripple’s cloud service, RippleNet Cloud.

In this way, all Banco Rendimento services based on the common RippleNet will be migrated to RippleNet in the Cloud. The use of “cloud-based services”, as in services based on data storage and control entirely in the cloud, has become increasingly common in different industry segments.

In the case of financial institutions, cloud services bring benefits such as agility, greater transparency, and cost reduction, in addition to enabling digital transformation – something so relevant at this time when the remote prevails over the physical”, said Ripple in a statement forwarded to Cointelegraph.

Categories: BankingCloud