In May 2020, McKinsey identified that both consumer and enterprise digital adoption had matured five years, in a matter of eight weeks. For financial institutions, digital technologies — including cloud-based models — offer the flexibility and scalability required to meet the demands of a more digitally advanced society.
Throughout this accelerated shift to digital in 2020, RippleNet Cloud enabled dozens of financial institutions to modernize their core payment infrastructure faster and more cost-efficiently than legacy, on-premise solutions. Since launching in June 2020, nearly 40 banks and payment service providers have adopted or migrated to Ripple’s global payments network based entirely in the cloud. Recently, LuLu Exchange 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 been growing, making it uniquely positioned to help financial institutions deploy modern payment infrastructure in as little as 5 weeks—more than twice as fast as on-premise deployment. In fact, RippleNet Cloud transaction volumes doubled every eight weeks in 2020 and reached an annualized run-rate of 1.8 million transactions, per Q4 volumes. More than half of all RippleNet transactions today flow through Cloud and now, customers can put further trust in RippleNet’s security capabilities.
What SOC 2 Certification Means for RippleNet Cloud
RippleNet’s product suite ensures the highest standard in safety, security and privacy. As a testament to this, it has been awarded the sought-after System and Organization Controls 2 (SOC 2) certification.
SOC 2 are a set of reports carried out by an independent CPA to certify excellence in security and privacy. SOC 2 reports offer valuable information with regard to an organization’s security capabilities so users can assess risks and be confident in the services performed by the certified provider.
This means that financial institutions—particularly, banks who typically utilize legacy software—planning to adopt RippleNet Cloud can do so with the confidence that Ripple has a certified, “seal of approval” when it comes to meeting modern security and privacy needs.
Securely Modernizing Payment Infrastructure
Scalability and flexibility are the main characteristics of cloud-based solutions. These benefits help financial institutions rapidly address customer demands by adjusting quickly to changing environments. When dramatic shifts in behavior happen overnight — just as we saw with the step increase in online shopping brought about by the pandemic — cloud solutions are the main drivers for ensuring continuity and minimizing disruptions.
RippleNet Cloud allows financial institutions to increase efficiency and expand product capabilities. What’s more, it helps customers to reduce costs that would have traditionally fronted staffing to manage on-premises infrastructure. Alleviating customers from having to maintain upgrades, monitor applications or administer databases are among RippleNet Cloud’s key benefits.
SOC 2 is an industry-leading seal of approval that demonstrates RippleNet’s capabilities of securely delivering services fit for the modern world. We expect 2021 will see further customer adoption of RippleNet Cloud thanks to the trust its newly awarded certification assures.
If you’re a financial institution interested in adopting RippleNet Cloud, contact us.