To facilitate and accelerate the integration and maintenance of the RippleNet for banks and financial institutions, Ripple has developed a cloud solution. The solution was announced by Ripple in a blog post published yesterday. As Ripple describes, the world’s leading banks are still lagging behind when it comes to adapting cloud technology, although the benefits of it are obvious.
The Vice President Product at Ripple, Amir Sarhangi, took time to explain the benefits and need of RippleNet Cloud solution explicitly in a fresh release. Amir said the COVID-19 pandemic has helped heighten the acceptance of cloud among banks and financial institutions who desire to meet their customers’ needs with modern solution that offers instant global payments.
Amir said businesses that desire to survive this pandemic period and remain strong afterward by meeting up with customers’ rapidly changing demand need to embrace cloud technology.
What is the Ripple Net Cloud?
RippleNet Cloud solution is designed to let both customers and financial institutions maximize their effort with enhanced flexibility.
With RippleNet Cloud, banks and financial institutions can maximize their business benefits with minimal effort and more flexibility. 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.
Using Cloud, customers can go live on RippleNet five weeks faster than on-prem customers and avoid hardware requisition or staffing to get started—speeding up payments for the end consumer. RippleNet Cloud also makes it easy for financial institutions to add alternative settlement through On-Demand Liquidity. Cloud customers can also maintain and make new connections more easily, through one API for all of their RippleNet connections.
Additionally, RippleNet Cloud saves financial institutions on hardware and staffing management expenses, and even more significant benefit during today’s shelter in place requirements, because RippleNet Cloud leverages Ripple’s Operations and Technical Services teams for 24/7 monitoring and support.
Amir said some of RippleNet’s top members have moved their on-premises deployments to Cloud, as the solution offers speed and efficiency among other life-changing advantages.
He also said institutions using the Cloud solution digital methods would be well placed as a leaders and innovator among others during this period and beyond.
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