Brazilian Bank Banco Rendimento Joins Newly launched RippleNet Cloud

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Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • A Brazilian bank, Banco Rendimento has become the first bank to join RippleNet Cloud, an exclusive launch of Ripple.
  • A few weeks ago, Ripple introduced Cloud that aims to ease bank accounts’ settlements via on-demand liquidity.
  • On the other side, Banco Rendimento stated in the near future it will welcome more payment brokers with the cooperation of Ripple.

A Brazilian bank, Banco Rendimento has become the first bank to join RippleNet Cloud, an exclusive launch of Ripple. A few weeks ago, Ripple introduced RippleNet Cloud that aims to ease bank accounts’ settlements via on-demand liquidity.

Banco Rendimento has an old association with RippleNet

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The Brazilian bank was established in 1992 and associated with RippleNet in January 2019. However, it has utilized RippleNet along with 350 other partners back then. The bank officially announced on June 10, 2020, that it is the first to migrate to the new RippleNet Cloud.

Besides this, the bank’s services related to the common RippleNet will be migrated to RippleNet Cloud.  At the time of the pandemic breakout, the RippleNet Cloud is the best support for the banking industry. As site visits by the employees of Ripple are not necessary, the whole process can be operated remotely. Also, the cooperation partners can quickly migrate from RippleNet to RippleNet Cloud.

According to Ripple, the banking industry is identifying the benefits of a cloud-based payment solution. Thus, banks are finding a great increase in migration to this exclusive payment method.

Ripple in discussion with the Brazilian Bank

On the other side, Banco Rendimento stated in the near future it will welcome more payment brokers with the cooperation of Ripple. While the list of future details not released yet.  Past week, the CEO of Ripple Brad Garlinghouse and other senior executives of Ripple had a discussion with the Central Bank of Brazil.

Moreover, the meeting agenda was to examine the requirements of institutional clients. But, to date, no further details disclosed about the meeting.

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