Blockchain payment solutions company Ripple announced this week it has signed Banco Rendimento to RippleNet Cloud. The addition of the Brazil-based bank marks the first bank to leverage Ripple’s cloud-based solution.
This news comes a year-and-a-half after Banco Rendimento joined RippleNet in 2019. “Migrating our payment infrastructure to RippleNet Cloud allows us to provide our customers with a best-in-class experience,” said Banco Rendimento FX Superintendent Jacques Zylbergeld. “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 considers itself a pioneer in the international payments space and is working to grow the payments ecosystem with high quality, fair cost solutions. With the implementation of RippleNet Cloud, the bank expects it will increase payment volumes by the first quarter of next year.
RippleNet is Ripple’s global payment network that connects 300+ financial institutions worldwide to enable faster, lower-cost payments. Currently, two dozen non-bank financial services companies, including Azimo, MoneyMatch, iRemit, Usend / Pontual, MoneyGram, and Viamericas, are clients of Ripple’s cloud service. And the customer list is increasing. Ripple reported that in the first quarter of this year, 81% of new RippleNet customers opted for cloud deployment and and 30% of all RippleNet payments are now being sent and/or received through RippleNet Cloud.
Earlier this year, Ripple announced that Azimo, in partnership with Thailand’s Siam Commercial bank (SCB), began leveraging RippleNet to launch instant cross-border payments from Europe to Thailand.
Ripple has offices in San Francisco, Washington D.C., New York, London, Mumbai, Singapore, São Paulo, Reykjavik and Dubai, and counts more than 300 customers around the world. The company’s payments network operates in 45+ countries across six continents. Ripple was founded in 2012 and has since amassed $294 million across 13 rounds of funding. Chris Larsen is founder and CEO.