The ongoing COVID-19 pandemic is transferring most of the essential operations on the internet and this growing demands needs the on-demand availability of computer system resources, especially data storage and computing power more than ever before.
According to an article by Amir Sarhangi, the VP of product at Ripple, to cope with this increased demand, the world needs “lean infrastructure operations and elastic, cloud-based infrastructure.”
Despite this global pandemic, global payments should be instantaneous to ensure that day-to-day life continues undisrupted. The recent crises has proved that the world needs improved solution and to this do this, full-scale cloud solutions are up to the task.
Amir Sarhangi said that some financial institutions had switched form on-premises solutions to cloud technology and they would going to a post-COVID world stronger than ever. But most of the top banks and leading financial businesses still fall behind when it comes to cloud adoption and are now finding themselves further behind as more nimble technology players adapt to new digital environments.
According to him, customer today digital first and they expect their banking services to be fast, secure, and efficient. The recent global payment system is unable to meet this generation’s need for speed. Amidst this scenario, the future of banking is RippleNet Cloud.
Amir Sarhangi said that RippleNet Cloud solution was designed to let both customers and financial institutions maximize their effort with enhanced flexibility. This allows banks and financial institutions to maximize their business benefits with minimal effort and more flexibility. RippleNet Cloud solution also provides customers a seamless and standardized transfer services.
He said:
“Using Cloud, customers can go live on RippleNet five weeks faster than on-prem customers and avoid hardware requisition or staffing to get started—speeding up payments for the end consumer. RippleNet Cloud also makes it easy for financial institutions to add alternative settlement through On-Demand Liquidity. Cloud customers can also maintain and make new connections more easily, through one API for all of their RippleNet connections.”
RippleNet Cloud also saves financial businesses from maintaining a heavy mass of hardware, staffing management, and other expenses as Ripple management team handles all the maintenance and upgrades. This saves businesses’ money which they can use to offer low cost payment services to customers.
According to VP of Product at Ripple, RippleNet’s top members have also moved their on-premises deployments to Cloud.
Concluding his remarks, he wrote:
“The banks and financial institutions that provide these agile digital methods will be well-positioned as innovators and leaders beyond this current crisis.”
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