- Ripple’s product suite is now SOC 2 certified.
- RippleNet Cloud transaction volume doubled every eight weeks in 2020.
While the RippleNet Cloud has seen massive growth over the past year, Ripple has now taken another step to make the solution more secure. As Ripple Labs made public, RippleNet is now SOC 2 certified. To “attest to excellence in security and privacy,” the certification is an industry-leading seal of approval.
The certification is conducted by an independent auditing firm and includes a series of reports. These provide in-depth information regarding an organization’s security capabilities, so users can assess risk and have confidence in the certified vendor’s performance.
As such, the SOC 2 certification verifies the “highest standard of security and privacy” for RippleNet’s suite of products. For Ripple, this is another argument to convince banks to implement RippleNet, as Amir Sarhanghi, vice president of product at Ripple, stated:
This means that financial institutions—particularly, banks who typically utilize legacy software—planning to adopt RippleNet Cloud can do so with the confidence that Ripple has a certified, “seal of approval” when it comes to meeting modern security and privacy needs.
SOC 2 is an industry-leading seal of approval that demonstrates RippleNet’s capabilities of securely delivering services fit for the modern world. We expect 2021 will see further customer adoption of RippleNet Cloud thanks to the trust its newly awarded certification assures.
The exponential growth of the RippleNet Cloud
Back in 2020, the RippleNet Cloud played a telling role in the face of the pandemic. During the accelerated transition to digital, the RippleNet Cloud enabled “dozens of financial institutions to modernize their core payment infrastructure faster and more cost-efficiently than legacy, on-premise solutions.”
Sarhanghi revealed that since its launch in June 2020, nearly 40 banks and payment service providers have been able to connect to the payments network using RippleNet Cloud. Instead of more than a 10-week installation phase, RippleNet Cloud enables implementation in as little as 5 weeks.
It also allows financial institutions to increase efficiency by eliminating the need to worry about upgrades, monitoring applications or administering databases. These benefits were recognized by more and more customers in 2020, Sarhanghi said:
In fact, RippleNet Cloud transaction volumes doubled every eight weeks in 2020 and reached an annualized run-rate of 1.8 million transactions, per Q4 volumes. More than half of all RippleNet transactions today flow through Cloud and now, customers can put further trust in RippleNet’s security capabilities.
Just last weeks, LuLu Exchange announced a new partnership with the Federal Bank of India to process cross-border payments to India through the RippleNet Cloud.