RippleNet Cloud announces its first bank customer Banco Rendimento

Enterprise blockchain solutions for payments provider, Ripple has reached a new milestone with first bank customer Banco Rendimento launching with RippleNet Cloud. Banco Rendimento joins a list of financial institutions already running the RippleNet Cloud and is the first bank to use Ripple technology entirely in the cloud.

Banks and financial institutions use RippleNet Cloud to maximize their busines benefits with accelerated innovation and time to market, while lowering total cost of ownership. RippleNet Cloud facilitates sending and receiving payments between financial institutions on Ripple’s global blockchain payments network, RippleNet, with less friction and more standardization as companies scale. RippleNet Cloud also offers easier connection to RippleNet, more flexibility and access to new features. About 30% of RippleNet transaction volume flows through the Cloud—an increase of 100% since the beginning of this year.

Marcus Treacher, SVP of Customer Success at Ripple said:

Marcus Treacher, Ripple

Marcus Treacher

Companies are realizing, now more than ever, the challenges associated with maintaining their own on-premise infrastructures. Because of this, banks and financial institutions have postponed upgrades and minimized feature releases—signifying the need to adopt cloud-based technologies to be more agile and efficient as the world becomes increasingly more digital. With RippleNet Cloud, customers can quickly get up and running and easily scale, all while lowering total cost of ownership.

Brazil-based Banco Rendimento joined RippleNet in 2019. The bank expects an increase in payments volumes by Q1 2021. Utilizing RippleNet Cloud allows Banco Rendimento to provide its customers with more visibility, transparency and standardization on their balances, while reducing its reliance on manual back-office processes like reconciliation checks.

Ripple’s list of financial institution using RippleNet Cloud includes:

  • Azimo
  • DeeMoney
  • iRemit
  • MoneyGram
  • MoneyMatch
  • Usend / Pontual
  • Viamericas

Jacques Zylbergeld, FX Superintendent at Banco Rendimento commented:

Migrating our payment infrastructure to RippleNet Cloud allows us to provide our customers with a best-in-class experience. Customers can now enjoy more transparency and easier navigation for both submitting payments and trading. RippleNet also allows us access to global partners, offering a standardized solution, and ensuring the integration and onboarding processes are seamless.

Fernando Fayzano, CEO of Usend / Pontual noted:

Connecting with RippleNet Cloud has opened the door for us to work with a myriad of financial institutions globally. We’ve been pleased to quickly identify and integrate with other RippleNet partners to expand our services. We’ve also enjoyed the many other partners that have sought to connect with us via RippleNet to leverage our world-class international payout products. We look forward to  a productive, long-term relationship with Ripple as we partner to modernize cross-border payments.

81% of new RippleNet customers opted for Cloud deployment in Q1 2020. Currently, the RippleNet service spreads in more than 45 countries.

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