The COVID-19 pandemic has undoubtedly increased the adoption of emerging technologies. Since the world was challenged by this virus, innovations by the FinTech community ranging from blockchain tech to cloud infrastructure have been accelerated. A company like Ripple, prominent for its blockchain built cross-border payment solutions, is now touting its cloud services as well, RippleNet Cloud.
As tech evolved, it became evident that existing on-premises infrastructure is in fact a huge cost in today's business world. This is because of the underlying operations in staffing, maintenance, and migration to new systems. Therefore, cloud solutions are slowly taking over starting with tech giants like Microsoft and IBM who are among the largest service providers in this niche. However, financial institutions led by banks are still skeptical of moving their systems to cloud platforms given the sensitivity of clients' data.
While cloud services may seem a concept of the future, their value proposition beats existing on-premises that are outdated, expensive to maintain, and inflexible. According to recent a publication on Ripple Insights, cloud services are now considered essential for the going concern of businesses post-COVID.
“Now, cloud-based technologies are considered essential to any business wishing to survive the pandemic—and keep up with rapidly changing consumer demands.”
Ripple's cloud-based solution has since been hailed as a game-changer for banking ecosystems. Basically, the firm provides a platform for businesses to interact seamlessly on RippleNet via a common Ripple Payment Object (RPO). Compared to on-premises, clients on RippleNet can go live five weeks faster while cutting the costs attributed to staffing and hardware requisition.
In addition, RippleNet Cloud provides financial institutions the option to leverage on-demand liquidity for their settlements. Notably, clients also don't have to stress with upgrades as they are handled with Ripple's team. Given these underlying factors, RippleNet has attracted a number of prominent financial service providers including MoneyGram and India-based, Federal Bank.