The introduction of Ripple Cloud Service, RippleNet Cloud, by the Silicon Valley-based company was a progress for the remittance industry as Ripple claimed that it was introduced to meet the real-time transaction demand from customers.
The Ripple cloud solution came in handy for a number of financial institutions and banks across the world, and it has been received by different banks since its launch on May 27. In less than 3 weeks after the launch of the cloud service, not less than 17 companies have adopted the solution.
As the RippleNet Cloud solution continues to make progress, onboarding 17 companies, 4 of the companies are new customers of Ripple, a report confirms.
With old Ripple customers like Viamericas, Banco Rendimento, and MoneyGram marking the lists of the early adopters of the new Ripple solution, four new clients BC Remit, SpotOn Money, OrbitRemit and Lulu International Exchange that recently joined the Ripple cross-border payments network have also adopted the RippleNet Cloud solution.
Other companies that joined the cloud solution but are existing customers of Ripple include TransPayGo, Deemoney, MoneyMatch, iRemit, GMT, Worldcom Finance, Pontual, Topremit, Moneynetint, Azimo.
BC Remit and SpotOn Money are both UK-based remittance company. Orbit Remit is a New Zealand-based remittance and currency exchange company with reach in 37 countries of the world.
Lulu International Exchange, also a fintech company, offers the services of global money transfer, foreign exchange, and salary and wage administration to companies and individuals across the globe. Lulu is based in Abu Dhabi.
The adoption of the Ripple Cloud Service by Brazil-based bank Banco Rendimento gave the RippleNet Cloud its first adoption in the banking industry.
While Banco Rendimento had been a partner of Ripple before adopting the solution, the relationship between the two companies strengthens further with the new agreement.
The FX Superintendent of Banco Rendimento, Jacques Zylbergeld, agreed that the RippleNet Cloud solution brings more value to the bank, averring that the new cloud service would let Banco Rendimento offer its customers more transparency and best-in-class experience while trading of making payment.
Ripple continues to make progress in the remittance industry by churning out myriads of solutions and developments to make life better for people who desire to transfer money internationally.