Computing giant will be working with Bank of America Merrill Lynch on creating blockchain technologies to improve financial exchanges between enterprises.
A number of the world’s leading banks have partnered to form Global Payments Steering Group, the first interbank group for payments based on the blockchain technology.
The Bank of America and Wells Fargo are reportedly working on adding Apple Pay support to their cash machines this year.
One of the largest banks in the USA has already filed for 15 patents and have 20 new ones in turn.
Research company Aite Group predicts bank will invest around $400 million in the blockchain technology within the next few years.
Bank of America has applied for a patent with the United States Patent and Trademark Office for a new technology of funds transfers using digital currency.