Digital payments firm Ripple is receiving one of the most prestigious security and privacy certifications in its field.
The company says its RippleNet Cloud service has secured the System and Organization Controls 2 (SOC 2) certification.
The SOC 2 confirms that RippleNet Cloud maintains a high standard of safety, reliability and privacy throughout its network.
An independent certified public accountant conducted the tests necessary to determine whether RippleNet’s infrastructure deserved the high rating.
Ripple highlights that this grade will allow financial institutions to adopt its services with full confidence that their assets and information will be protected.
“This [certification} 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.”
Ripple launched RippleNet Cloud in May of 2020. The service seeks to offer its clientele a modern, fast and more cost-efficient means of transferring money across the globe.
Since its launch, 40 banks have transitioned to being part of Ripple’s global payment network.
Ripple reports that transaction volumes on RippleNet Cloud doubled every week throughout 2020 and than half of all Ripple transactions now flow through its Cloud service.
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