AD
AD
  • 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.


Recommended for you:
This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

Marcel is the founder of Crypto News Flash and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628

Exit mobile version