Ripple Granted System and Organization Controls 2 Certification, Here's What It Means

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Fri, 02/05/2021 - 11:09
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Yuri Molchan
Ripple blockchain decacorn has reported receiving certification that confirms the high quality and security of the RippleNet Cloud for its clients
Ripple Granted System and Organization Controls 2 Certification, Here's What It Means
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In a recent blog post, Ripple's VP of product and delivery, Amir Sarhangi, spread the word that the fintech giant has finally been granted SOC 2 (System and Organization Controls 2) certification.

Here's what it means for Ripple.

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Ripple reaches a major milestone with SOC 2

Ripple's major productRippleNet and its cloud-based solutionhas finally acquired the SOC 2 certification, which stands for System and Organization Controls 2.

That is a set of reports that certify a product's high level of safety conducted by an independent CPA.

With help from these reports, users can gauge their risks when utilizing a product, so this certification gives them confidence in the service provider.

More than forty banking institutions and payment operators joined RippleNet Cloud since its launch in 2020. Now they can all continue to utilize it, confident that the product has this "seal of approval" regarding privacy and security.

The most recent customer to join Ripple's cloud-based network is the UAE-based LuLu exchange, which has set up a remittance corridor from the Emirates to India.

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What RippleNet Cloud does for institutions

Ripple's cloud-based solution allows platforms to become more efficient and enlarge the capabilities of their products for clients, including taking cost-cutting measures, increasing the speed of settlements and so on.

Ripple expects that, in 2021, far more customers will sign up for its RippleNet Cloud thanks to it being SOC 2 certified.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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