Banco Rendimento Becomes First Bank to Join Ripple’s Cloud Service

UTC by Muhaimin Olowoporoku · 2 min read
Banco Rendimento Becomes First Bank to Join Ripple’s Cloud Service
Photo: Ripple

Brazilian Banco Rendimento has joined RippleNet cloud. Cloud services are supposed to bring a lot of benefits to the financial institution like agility, transparency, and reduced cost.

Having joined RippleNet since last year, Brazilian bank Banco Rendimento has become the first one to join a new product from Ripple. It was launched weeks back and is known as RippleNet cloud.

RippleNet Cloud launched exactly two weeks back by Amir Sarhangi. Ripple’s Vice President of Product enables clients to make and receive payment with one integration. The cloud solutions are easier to use and to be managed, unlike traditional on-premises way. The new product would also reduce expenses customers incur. Sarhangi said:

“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”.

Another advantage of the new product is that it allows institutions that have signed up for it to reduce hardware and staffing management expenses. With this, firms can make use of Ripple’s Operations and Technical Services teams monitoring and support all the time.

With Banco Rendimento joining Ripple cloud, every service the bank offers on the RippleNet platform would be migrated to the Cloud, which apart from the financial industry, is gaining traction in other spheres.

According to a statement, cloud services brings a lot of benefits to financial institutions like agility, transparency, and reduced cost. Another advantage is its transformation, which is essential when the remote prevails over the physical.

Ripple and MoneyGram News

The payment solution firm through its RippleNet platform has aided MoneyGram International Inc (NASDAQ: MGI) record a growth rate of over 100 percent on digital transactions on its platform in Q1 2020. MoneyGram is another fast-growing platform across border P2P payments and money transfer around countries.

This firm got $20M in funding from Ripple to improve its payment solution through a partnership with leading financial institutions. Ripple funding was to run experimental for testing the effectiveness of XRP, Ripple’s digital token.

MoneyGram Ripple partnership is a threat to Western Union (NYSE: WU), MoneyGram’s arch-rival. Reportedly, Western Union is taking steps to acquire MoneyGram to scale on its robust growth experienced lately.

It is worth mentioning that XRP, ETH, BTC and USDT drew the attention of the world’s biggest economy for money remittance.

Altcoin News, Blockchain News, Cloud Computing, Cryptocurrency News, FinTech News
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