Ripple has announced being awarded the much sought-after System and Organization Controls 2 (SOC 2) certification for its RippleNet Cloud. The SOC 2 certifications now indicate its assurance of security and privacy. This signifies that financial institutions planning to adopt RippleNet Cloud can be assured of Ripple’s certification in meeting modern security and privacy needs.
RippleNet Receives Industry-Wide SOC 2 Certification
The System and Organization Controls 2 (SOC 2) certification is an industry-leading seal of approval that demonstrates RippleNet’s capabilities of securely delivering services. It’s a set of reports carried out by an independent CPA to certify excellence in security and privacy.
Ripple’s latest certification confirms that the network can help more businesses find access to could-based payment solutions.
SOC 2 certification is accepted industry-wide. In fact, many software projects rely on it as a seal of approval to show their security capabilities. Ripple now hopes that the latest certification results will bring more adoption for RippleNet Cloud in 2021.
The press release emphasized the need for cloud-based solutions:
“Scalability and flexibility are the main characteristics of cloud-based solutions. These benefits help financial institutions rapidly address customer demands by adjusting quickly to changing environments. When dramatic shifts in behavior happen overnight just as we saw with the step increase in online shopping brought about by the pandemic cloud solutions are the main drivers for ensuring continuity and minimizing disruptions.”
RippleNet Continues to Grow
RippleNet has experienced considerable growth throughout 2020 with the hope of further growth in the coming years. It’s a cloud-based solution that helps businesses access global payment networks without the hassles.
Using RippleNet, financial institutions can deploy innovative payment infrastructure in only five weeks. In the past year, many enterprises adopted RippleNet as their primary payment network, resulting in profitable growth for the network.
Since its launch in June 2020, nearly 40 banks and payment service providers have adopted or migrated to Ripple’s global payments network based entirely in the cloud. In fact, RippleNet Cloud transaction volumes doubled every eight weeks in 2020 to reach an annualized run-rate of 1.8 million transactions, as per Q4 volumes.