RippleNet Cloud Lands Banco Rendimento As First Bank Client

Banco Rendimento has signed onto the RippleNet Cloud platform, making it the first bank to completely use Ripple‘s technology in the cloud, according to an announcement.

The Brazilian bank, which became part of RippleNet last year, follows almost two dozen financial institutions (FIs) that currently operate on RippleNet Cloud, the announcement states.

Banco Rendimento FX Superintendent Jacques Zylbergeld said in the announcement, “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.”

RippleNet Cloud provides the ability to make and take in payments between FIs on Ripple’s international blockchain payments infrastructure, known as RippleNet, through a single integration. As it stands, roughly 30 percent of the transaction volume of RippleNet goes through the cloud, which marks a 100 percent jump since the beginning of 2020.

More than eight in 10 — or 81 percent — of new RippleNet clients chose cloud deployment in the first quarter of this year. As it stands, RippleNet runs in more than 45 nations throughout six continents.

In separate news, the National Bank of Fujairah PJSC (NBF) joined forces with Ripple to allow for cross-border payments through the RippleNet platform, per news in March. Bank customers were to have the ability to transact safely and in real time with clear tracing of transactions from start to finish.

The infrastructure lets the bank harness the cross-border network of Ripple and bolster its user experience.

“The traceability and speed of the execution of the transfers allows the customers to achieve substantial improvement in the transparency and effectiveness of the payments,” NBF said at the time.