RippleNet Cloud Reaches New Milestone, Signs First Bank Customer

Ripple, a leading provider of enterprise blockchain solutions for payments, announced Banco Rendimento has launched with RippleNet Cloud. As the first bank to use Ripple technology entirely in the cloud, Banco Rendimento joins nearly two dozen financial institutions already running on RippleNet Cloud.

With RippleNet Cloud, banks and financial institutions can maximize their business benefits with faster speed of innovation and time to market, while lowering total cost of ownership. RippleNet Cloud allows the ability to send and receive payments between financial institutions on RippleNet, Ripple’s global blockchain payments network, with one easy integration—meaning less friction and more standardization as companies scale. Financial institutions also enjoy an easier connection to RippleNet, more flexibility, and access to new features as a result of using RippleNet Cloud. To date, approximately 30% of RippleNet transaction volume flows through the Cloud—an increase of 100% since the start of this year.

Banco Rendimento, which joined RippleNet in 2019, is a pioneer in the international payments space committed to providing high-quality payment services and fair costs to help further grow the payments ecosystem. As the top volume producing bank in Brazil, Banco Rendimento expects to increase payment volumes by Q1 2021 using RippleNet Cloud. Banco Rendimento is now able to provide customers with more visibility, transparency and standardization on their balances, while reducing its reliance on manual back-office processes, such as reconciliation checks. Already, Banco Rendimento is benefitting from a lower total cost of ownership—a key benefit of RippleNet Cloud.

“We first announced plans to grow the RippleNet ecosystem in Brazil a year ago and with Banco Rendimento migrating to RippleNet Cloud, we’re excited to see our footprint in the region continue to grow,” says Luiz Antonio Sacco, Managing Director – Latin America at Ripple. “Brazil continues to lead in fintech innovation and is well-positioned to forge a path for the rest of Latin America to follow.”

Ripple already has nearly two dozen financial institutions on RippleNet Cloud, including:

● Azimo

● MoneyMatch

● iRemit

● Usend / Pontual

● MoneyGram

● Viamericas

 

“Migrating our payment infrastructure to RippleNet Cloud allows us to provide our customers with a best-in-class experience,” says Jacques Zylbergeld, FX Superintendent at Banco Rendimento. “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.”

“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,” said Fernando Fayzano, CEO of Usend / Pontual. “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.”

In Q1 2020, 81% of new RippleNet customers opted for Cloud deployment. RippleNet currently operates in over 45 countries across six continents.

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