- RippleNet has achieved the Service Organization Control 2 certification earlier this year
- the certificate helps banks and financial service providers gain trust for ripple products
- the certification has helped the firm to attract many new customers
- The certification acts as a condition of the bank using a given SaaS product
Ripple crypto firm is one of the largest financial technology firms globally. In the current scenario, the leading FinTech hub is facing some charges by the United States Securities and Exchanges Commission (SEC). Despite the charges, earlier this year the firm has announced that it has continued to strengthen its reputation. RippleNet, the global payments network of the firm has bagged SOC 2 certifications. Moreover, last year the RippleNet cloud recorded tremendous growth.
RippleNet Cloud continued attracting financial firms
Since RippleNet Cloud launched back in 2020, it has attracted about 40 mainstream financial banks and payments services providers. The entirely cloud based network is helping several institutions to process cross-border payments instantly, reliably, and cost-effectively with a single integration.
The services offered by RippleNet are uniquely positioned to help more institutions to deploy modern payments infrastructure. It has also been observed that more than half of RippleNet’s transactions are conducted through the cloud, which requires human trust in security functions.
Ripple is now having a “seal of approval”
The range of products offered by Ripple guarantees the highest level of security, protection and privacy. Witnessing the facts, the network has received the sought-after Service Organization Control 2 (SOC-2) certificate.
The certificate consists of a set of reports carried out by an independent CPA. The CPA certifies security and privacy. The report also provides valuable insights into the organization’s security capabilities.
Ultimately the reports helps the users to assess risks and be confident in the services provided by the certificate owner.
Hence, banks who are planning to adopt the cloud network can do so with confidence. The certification will help as a seal of approval when it comes to meeting modern security and privacy.
SOC-2 boosted the demand for Ripple products
While ensuring the security of the services provided by the RippleNet Cloud, the certification has also helped the firm attract new customers. Notably, As RippleNet cloud announced regarding the certification, interest for cloud services among financial service providers spiked.
Financial experts in the cryptosphere deemed that having such certifications means the services and products offered by the firm are highly secured. With high security and privacy standards the certification has also boosted the level of confidence and demand for Ripple products.
Why did the fintech firm want to pass the SOC-2?
Financial banks and large payment systems usually require such certificates. The certification acts as a condition of the bank using a given SaaS product. Notably, if such banks or firms are without SOC 2 certification, the bank’s internal auditors and security team would need to conduct their own audit of the product and the company, which is also an expensive process.