In May 2020, McKinsey found that consumer and business digital adoption had matured for five years within eight weeks. For financial institutions, digital technologies – including cloud-based models – offer the flexibility and scalability necessary to meet the demands of a more digitally advanced society.
During this accelerated move to digital in 2020, RippleNet Cloud enabled dozens of financial institutions to modernize their central payment infrastructure faster and more cheaply than traditional on-premise solutions. Since it started in June 2020, almost 40 banks and payment service providers have taken over or switched to Ripple’s global payment network, which is based entirely on the cloud. LuLu Exchange recently announced its partnership with Ripple and today uses RippleNet Cloud to process cross-border payments instantly, reliably and cost-effectively with a single integration.
The appetite for RippleNet Cloud has only grown and is therefore uniquely positioned to help financial institutions deploy modern payment infrastructures in just 5 weeks – more than twice as fast as on-premise deployment. In fact, RippleNet Cloud’s transaction volume doubled every eight weeks in 2020, reaching an annualized execution rate of 1.8 million transactions per Q4 volume. More than half of all RippleNet transactions today flow through the cloud. Now customers can continue to trust the security features of RippleNet.
What does SOC 2 certification mean for the RippleNet Cloud?
RippleNet’s product suite ensures the highest standards of security and data protection. As proof of this, it was awarded the coveted SOC 2 certification (System and Organization Controls 2).
SOC 2 is a series of reports prepared by an independent CPA to certify excellence in security and privacy. SOC 2 reports provide valuable information about a company’s security functions so that users can assess risks and rely on the services provided by the certified provider.
This means that financial institutions – especially banks that typically use legacy software – planning to roll out RippleNet Cloud can do so with the assurance that Ripple has a certified “seal of approval” when it comes to modern security. and meet data protection requirements.
Secure modernization of the payment infrastructure
Scalability and flexibility are the main characteristics of cloud-based solutions. These benefits help financial institutions quickly meet customer needs by adapting quickly to changing environments. When dramatic behavior changes occur overnight – just as we have seen with the surge in online shopping caused by the pandemic – cloud solutions are the main drivers in ensuring continuity and minimizing disruption.
With the RippleNet Cloud, financial institutions can increase efficiency and expand product functions. In addition, customers can reduce the costs that would traditionally be incurred in managing local infrastructure. One of the main benefits of RippleNet Cloud is to keep customers from servicing upgrades, monitoring applications, or managing databases.
SOC 2 is an industry-leading seal of approval that demonstrates RippleNet’s ability to securely deliver services that are suitable for the modern world. We anticipate that RippleNet Cloud will continue to be accepted by customers in 2021 thanks to the trust that the newly awarded certification guarantees.
If you are a financial institution interested in rolling out RippleNet Cloud, contact us.