Ripple expands its footprint in Brazil with first bank customer

Source: IBS Intelligence 2020-06-16

Ripple, an enterprise blockchain solutions for payments has announced Banco Rendimento has signed on to use its global payments network in the cloud.

According to Ripple, Banco Rendimento, being the first bank to use Ripple technology entirely in the cloud is joining nearly two dozen financial institutions including Azimo, MoneyGram, Pontual, Viamericas and more already running on 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. Brazil continues to lead in FinTech innovation and is well-positioned to forge a path for the rest of Latin America to follow,” said Luiz Antonio Sacco, Managing Director, Latin America at Ripple.

As the financial industry adjusts to a digital-first world, cloud technology solutions are playing an increasingly critical role in enabling instant connectivity between financial service providers and their customers, on a global scale. Ripple’s data reveals that in the last six months, more than 80% of new RippleNet customers have opted for Cloud deployment and 30% of all RippleNet payments are being sent and/or received through RippleNet Cloud.

RippleNet Cloud enables banks and financial institutions to maximise their business benefits and competitive advantage with faster speed of innovation and time to market while lowering total cost of ownership. The solution offers the ability to send and receive payments between financial institutions on RippleNet, Ripple’s global blockchain payments network, with one easy integration providing less friction and more standardisation as companies scale.

Banco Rendimento is committed to providing high-quality payment services and fair costs to help further grow the payments ecosystem. Using RippleNet Cloud, the bank expects to increase payment volumes by Q1 2021. Banco Rendimento, by leveraging Ripple’s technology aims to provide customers with increased visibility, transparency and standardisation on their balances, while reducing its reliance on manual back-office processes, such as reconciliation checks.

The increase in consumer demand for instant, simple apps, like Uber, is accelerating technological advancement of today’s banking services. Global banks and financial institutions risk falling behind as more nimble technology players adapt to new digital environments. With RippleNet Cloud offering the ability to scale quickly and introduce new applications, Ripple’s cloud solution provides banks and financial institutions with a platform to meet these demands.

“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 standardised solution, and ensuring the integration and onboarding processes are seamless,” said Jacques Zylbergeld, FX Superintendent at Banco Rendimento.

Founded in 2012, San Francisco based Ripple provides a frictionless experience to send money globally using the power of blockchain technology. RippleNet currently operates in over 45 countries across six continents.

Ripple expands its footprint in Brazil with first bank customer

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!