Ripple is attempting to be the world leader in the blockchain payment field. Now they’ve taken an important step in the journey of transforming the financial world into more efficient, blockchain aided systems.
Brazil’s Banco Rendimento will now become the first bank to use Ripple’s blockchain technology entirely in the cloud. Other financial service companies like Azimo, MoneyGram, Pontual, Viamericas have already been running on RippleNet Cloud, but the addition of a bank further legitimizes the use of blockchain and especially Ripple.
According to Luiz Antonio Sacco, Managing Director of Ripple in Latin America this new agreement is a sign of the progress that Ripple is making in the financial sector.
“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.”
Ripple hopes that the move by Banco Rendimento will open the eyes of financial institutions around the world. The idea is that customers will receive faster and more efficient services. Banco Rendimento should have an immediate advantage over competitors, says the bank’s FX Superintendent Jacques Zylbergeld.
“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 standardized solution, and ensuring the integration and onboarding processes are seamless.”
Banco Rendimento is one of Brazil’s most active banks on the foreign market so it is natural that they would be interested in a system that makes cross border transactions easier. According to Ripple, 81% of new RippleNet customers opt for cloud deployment.
By using the cloud based RippleNet, growing businesses can connect more easily with customers and other institutions all over the globe. The system’s advantages have been seen immediately according to Fernando Fayzano, CEO of Usend.
“Connecting with RippleNet Cloud has opened the door for us to work with a myriad of financial institutions globally. We’ve been pleased to quickly identify and integrate with other RippleNet partners to expand our services.”
He explained that RippleNet even attracts other entities to want to do business with them.
“We’ve also enjoyed the many other partners that have sought to connect with us via RippleNet to leverage our world-class international payout products. We look forward to a productive, long-term relationship with Ripple as we partner to modernize cross-border payments.”
As Ripple and other crypto companies continue to make new relationships, the blockchain industry will become further ingrained in the changing financial world.