RippleNet is a network of banks, payment providers, and other institutions. Employing Ripple’s solutions and a standardized ruleset allows for those connected on RippleNet to efficiently send and receive payments around the world.
RippleNet boasts a series of benefits in comparison to other traditional networks:
- Members gain a single point of access into a global network of institutions using standard rules, formats, and governance.
- Payments are efficiently routed in seconds, instead of days.
- There is end-to-end visibility of fees, delivery time, status, and customer information through a bidirectional messenger API.
- Payment failures are eliminated.
- The total payment costs are reduced by minimizing capital requirements and lowering processing costs.
To further imporve RippleNet, Ripple has introduced RippleNet Cloud. Ripple’s Vice President of Product, Amir Sarhangi, explained all about RippleNet Cloud in a recent post.
With RippleNet Cloud, banks and financial institutions can maximize their business benefits with minimal effort and more flexibility. 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.
Some of Ripple’s customers, including some of the largest members of RippleNet, have already chosen to migrate their existing on-premises deployments to Cloud. They are already taking notice of the Cloud’s benefits.