Ripple, a provider of enterprise blockchain solutions for payments, announced on Monday its payment network, RippleNet Cloud, has signed its first-ever bank customer, Brazil’s Banco Rendimento, which will join nearly two dozen financial institutions already running on RippleNet Cloud.
According to Ripple, RippleNet Cloud allows the ability to send and receive payments between financial institutions on RippleNet, Ripple’s global blockchain payments network, with one integration. The company further explained:
“Financial institutions also enjoy an easier connection to RippleNet, more flexibility, and access to new features as a result of using RippleNet Cloud. To date, approximately 30% of RippleNet transaction volume flows through the Cloud—an increase of 100% since the start of this year.”
Ripple further revealed that l, Banco Rendimento expects to increase payment volumes by Q1 2021 using RippleNet Cloud. While sharing more details about the collaboration, which expands Ripple’s expansion to Brazil, Luiz Antonio Sacco, Managing Director of Latin America at Ripple, stated:
“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 already has nearly two dozen financial institutions on RippleNet Cloud, including Azimo, MoneyMatch, iRemit, Usend/Pontual, MoneyGram, and Viamericas. Ripple added that in the first quarter of 2020, 81% of new RippleNet customers opted for Cloud deployment. RippleNet currently operates in over 45 countries across six continents.
