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RippleNet got SOC 2 Certification; Know what does this certification Means to Ripple
After announcing the news of the growing interest of traders for Ripple's Cloud Service, Ripple has announced its SOC 2 Certification.
Over the past year, RippleNet sees considerable growth. Earlier on Thursday, there was an announcement by RippleNet about the growing interest of the financial institutions in its Cloud Service. It allows the banks and fintech companies to deploy the modernized payment infrastructure on the blockchain, making the payment faster & more cost-efficient. Almost 40 such banks & companies have joined since its launch, as revealed by Shanghai. According to the reports, LuLu exchange had recently teamed up with Ripple to handle its international payments. Ripple helps increase the financial institution's efficiency by eliminating the need for upgrades and monitoring the administering databases.
On February 5, 2021, Ripple has announced that it has got the SOC 2 certification, and it has taken another step towards security and privacy. No doubt, this certification is a seal of approval for excellence in privacy and security. An independent auditing firm performs the certification, including a series of reports providing in-depth information about a firm or organization's security capabilities.
The System and Organization Controls 2 (SOC 2) Certification is awarded to RippleNet to ensure the highest security, privacy, and safety standards. These cloud-based solutions have scalability and flexibility that help the financial institution address customers' demands adjusting to the changing environments.
In the previous year, for every two months, the transaction volume was doubled, accounting for half of all the transactions of RippleNet. Now, after the certification of SOC 2, it could be predicted that its development will accelerate the adoption of cloud services offered by Ripple's payment network in 2021. Users will certainly have more confidence in Ripple's performance and security capabilities. The financial institutions can undoubtedly adopt RippleNet Cloud with confidence that the security and privacy needs will be met. It would be right to say that Ripple has continued to strengthen its reputation despite the US charges against it.