JP Morgan in Ripple and XRP LATAM space with Fintech & Payments, Ripple Lead Attorney Changes Firms

The global pandemic has highlighted the importance – and the challenges – of adapting to remote work. At a time when remote work is already an unquestionable reality, another factor must also be raised: the sudden stop of projects.

The flexibility of working hours is correlated to the lower demand for personnel. For some market sectors, however, this flexibility does not reduce the need for physical facilities, processes and project approval in a tangible way.

How long, after all, can companies face or get around situations like this without using more digital solutions? And what is the answer for these companies? Take the example of the financial sector. Since the beginning of the pandemic, more than half of the banking category has been working remotely. The National Bank Command Command put about 250,000 people at home, according to the Brazilian bank workers’ union.

It is not uncommon, then, to imagine that banks, fintechs and brokerages are struggling to manage – let alone implement – their local infrastructures. Modern solutions, such as cloud-based offerings, are providing financial institutions with a solution to this problem across the industry. It is clear that companies should start to see the adoption of cloud solutions as an inherent part of their digital transformation strategies – and also as a way to enable projects in an increasingly remote work context. I highlight here the financial sector, in which the same trend applies throughout the Latin American market.

Several banks, including large and traditional ones, have already experienced the benefits of adopting cloud solutions for better management of the IT budget, cost reduction and technological advances. In Brazil, with the rise of fintechs and digital banks, digital transformation is already seen as essential. In fact, Brazil is one of the 10 largest worldwide markets for fintechs – and the expansion of these companies will drive the gradual adoption of modern solutions, such as the cloud, even for the most traditional companies.

Banco Rendimento is an example. The bank recently adopted RippleNet Cloud – Ripple’s blockchain-based solution for cross-border payments entirely in the cloud – for its business and is already experiencing greater cost savings as a result of no longer having to maintain its servers 24 hours a day, 7 days a week. Hosting infrastructure management in a cloud environment helps financial institutions not only save on technology investments, but also reduce costs to provide staff for these on-premises infrastructures. As for Banco Rendimento, migration to the cloud also allows financial institutions to connect with other regions of the world much more quickly, creating new business opportunities for the banking and financial services sectors.

Why cloud now?
The adoption of cloud technology is not new in the Brazilian market. It is important to mention, however, that the Covid-19 pandemic has accelerated and should further accelerate this, which is an ongoing process.

As we know, operations in the financial sector are critical at any economic moment and the intensification of cloud solutions can be the answer to your immediate digital transformation needs. At times like this, when social distance is such an important measure, cloud solutions also eliminate the need to install application servers, as databases can be installed remotely.

The big challenge, however, is to make the adoption of cloud solutions and services a definitive part of the investment prioritization agenda in companies, associating technology as something indispensable not only in the current scenario, but as inherent to the “ bank as a service ”- that is here to stay.

* Luiz Antônio Sacco, general director of Ripple in Latin America

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