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Ripple: First bank successfully migrated to cloud solution

  • The Brazilian bank Banco Rendimento is the first financial institution to successfully migrate to the new RippleNet cloud.
  • The onboarding process was significantly shorter than the previous launches, which took at least 8 weeks to complete integration.

As Crypto News Flash already reported, Ripple presented the RippleNet Cloud a few weeks ago. This new technology is intended to simplify the settlement of accounts for banks. It accelerates the integration and setup of RippleNet for financial institutions, so that RippleNet can be used after just a few weeks instead of months of setup. Yesterday, the first bank successfully migrated to the RippleNet cloud.

Banco Rendimento successfully uses RippleNet cloud

Banco Rendimento, a Brazilian bank founded in 1992, joined RippleNet in January 2019 and has been using RippleNet since then along with 350 other partners. The bank announced yesterday that it is the first bank to successfully migrate to the new RippleNet cloud.

Ripple describes that the banking industry is increasingly recognizing the benefits of a cloud-based payment solution and is therefore seeing increased migration to this new type of payment technology. For banks, the benefits are obvious: significantly greater agility in processing payments, greater transparency and double-digit cost savings.

The RippleNet cloud is a great help, especially in times of the coronavirus, because no on-site visits by Ripple employees are necessary. Instead, the process can be set up remotely and the cooperation partners can be migrated easily and quickly from RippleNet to the cloud:

Despite this global pandemic, global payments must be made immediately to ensure that day-to-day business continues uninterrupted.

Banco Rendimento says it will open further payment corridors in the near future through its cooperation with Ripple, but has not yet released any further details. Last week, Ripple’s CEO, Brad Garlinghouse, and several other senior executives met with the Central Bank of Brazil.

The focus of the meeting was to examine the needs of institutional customers and the possible cooperation of both companies. To date, no further information on the background of the meeting has been published.

Coil and Hacker Noon start partnership

Meanwhile, Ripple’s financially backed coil announced yesterday that it is investing $1 million in a new collaboration with the technology platform Hacker Noon. The three-year partnership will focus on implementing Coil’s web monetization standard to reward readers for reading content on its platform in the form of micro-payments.

David Smooke, CEO of Hacker Noon, describes that authors should be paid according to the actual reading time of their articles and the interaction rate:

So far, we have provided editorial resources, validation and distribution. With this strategic partnership, Hacker Noon will now experiment with streaming micropayments to authors based on how much time coil users spend reading their stories.

About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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