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Fintech firm Ripple notes that in May 2020, McKinsey had identified that consumer and enterprise digital adoption had “matured five years, in a matter of eight weeks.” For financial institutions, digital technologies — such as Cloud-enabled models — provide the flexibility and scalability needed to fulfill the requirements of a “more digitally advanced” society.
During this accelerated shift to all-digital platforms and services, RippleNet Cloud has reportedly enabled many financial institutions by helping them with streamlining their main payment infrastructure so that it’s “faster and more cost-efficient than legacy, on-premise solutions.”
Since launching in June of last year, almost 40 banking institutions and payment service providers (PSPs) have “adopted or migrated to Ripple’s global payments network based entirely in the Cloud,” the company claims. As reported recently, the LuLu Exchange had teamed up with Ripple and it’s now using RippleNet Cloud to handle international payments “instantly, reliably and cost-effectively with a single integration.”
As mentioned in a blog post by Ripple:
“The appetite for RippleNet Cloud has only been growing, making it uniquely positioned to help financial institutions deploy modern payment infrastructure in as little as 5 weeks—more than twice as fast as on-premise deployment. … RippleNet Cloud transaction volumes doubled every eight weeks in 2020 and reached an annualized run-rate of 1.8 million transactions, per Q4 volumes.”
Ripple also revealed that over half of all RippleNet transactions are now flowing through Cloud and clients are able to place further “trust” in RippleNet’s security capabilities.
RippleNet’s product suite aims to ensure “the highest standard in safety, security and privacy” and it was recently “awarded the sought-after System and Organization Controls 2 (SOC 2) certification.”
As explained by Ripple:
“SOC 2 are a set of reports carried out by an independent CPA to certify excellence in security and privacy. SOC 2 reports offer valuable information with regard to an organization’s security capabilities so users can assess risks and be confident in the services performed by the certified provider.”
This basically means that financial institutions or service providers—especially, banks which tend to use legacy systems—preparing to integrate with RippleNet Cloud may do so with the “confidence” that Ripple has a certified, “seal of approval” when it comes to fulfilling “modern security and privacy needs.”
Scalability and flexibility are the primary characteristics of cloud-powered solutions. These benefits help financial institutions “rapidly address customer demands by adjusting quickly to changing environments.” When there are “dramatic shifts in behavior happen overnight — just as we saw with the step increase in online shopping brought about by the pandemic — Cloud solutions are the main drivers for ensuring continuity and minimizing disruptions,” the announcement noted.
Ripple also mentioned:
“RippleNet Cloud allows financial institutions to increase efficiency and expand product capabilities. … it helps customers to reduce costs that would have traditionally fronted staffing to manage on-premises infrastructure. Alleviating customers from having to maintain upgrades, monitor applications or administer databases are among RippleNet Cloud’s key benefits.”
Ripple stated that SOC 2 is an “industry-leading” seal of approval that “demonstrates RippleNet’s capabilities of securely delivering services fit for the modern world.” Ripple also noted that it expects 2021 will “see further customer adoption of RippleNet Cloud thanks to the trust its newly awarded certification assures.”
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