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.
Ripple reaches a major milestone with SOC 2
Ripple's major product—RippleNet and its cloud-based solution—has 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.
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.