Ripple, which issues crypto assets $XRP, launched Ripple Cloud, a cloud service for banks and financial institutions.

Ripple Cloud explains that it will provide greater flexibility while optimizing the operations of financial institutions, allowing all users on the Ripple Net to make transfers through the Ripple Payment Object (RPO).

Also, financiers can adopt new payment methods using on-demand liquidity.

“While recognizing its usefulness, the banks of the world are lagging behind other players who are quickly adopting the latest technology in terms of cloud service implementation,” said Ripple.