Bank of America May Become New Member of RippleNet

UTC by Jeff Fawkes · 4 min read
Bank of America May Become New Member of RippleNet
Photo: Shutterstock

Bank of America (BoA) is the second-largest bank in the U.S. It reportedly will join RippleNet for fast and cheap cross-border payments and exclusive infrastructure. But there is still no official confirmation.

Bank of America has a long history of relationships with the Ripple company. In July 2019, the bank even filed a patent claim based on the new technology: Ripple’s DLT. The institution also has a Real-Time Settlement patent, also they already ran pilot projects with Ripple.

Since 2015, Bank of America is a proud member of the Ripple Global Payment Steering Group. They also claimed that the bank’s inner research department received an order to open a real-time payment network until the first quarter of 2020.

Reports Claim BoA Joins RippleNet for Mexico, Latin America and Asia

Some of the Twitter users began sending here and there a presumably leaked PDF that looks like Ripple’s official document. It is stored on the Cryptoking.org’s servers, according to the link:

The document is called ‘Bank-of-America-Joins-RippleNet_200218.pdf’, however, the website admin already deleted it from the place. You can read the copy here:

If we believe the document, then Ripple will help BoA with payments to Mexico, and then the partnership will be extended to sending payments to the Latin America region, Asia and other significant regions with financial troubles and possibilities for companies like Ripple. Per the leaked document, Bank of America wants to become one of several banks of the planet that adopted blockchain and made cross-border inter-bank payments to run in seconds:

“Bank of America wants to be one of the few global banks to adopt and leverage blockchain technology to enable interbank messaging and settlement.”

RippleNet’s code is the core of everything. Too bad that Ethereum and Bitcoin are no gainers in this game. The years of criticizing banks seem to finally payback. Credible Crypto has posted a suggestion that BoA will not necessarily use Ripple’s ODL (XRP).

This is confirmed by the CryptoNewsFlash, they claim that XRP (and Ripple’s ODL therefore) is not the part of the agreement. So, the Bank won’t be using the XRP tokens in their transactions. They will only run on RippleNet, following strict regulatory frameworks that the U.S. is famous for.

The partnership attracts attention from Woodaldo. Contrary to previous experts, he is stating that BoA might want to infect the Mexico remittance market because their ODL demand is high:

Some other user confirms his thoughts, as the business never does anything just in case, it is always a ‘for profit’ venture.

XRPRightnow Confirms the Deal

There were no official confirmations regarding the document to the present moment. However, per XRPRightnow.com, they have received a quote from Bank of America representative Faiz Ahmad, claiming that the rumors are true:

“At Bank of America, we embrace innovative opportunities that allow us to deliver an unparalleled customer experience. Technology has changed the expectations of customers when it comes to speed, visibility, and reliability – introducing RippleNet allows us to address the evolving needs of our customers.”

Faiz works as the Head of Global Transactions at BoA. He has confirmed that Bank of America considers using Ripple for sending money to the Middle East, Europe, Asia, etc. The expansion to that areas will start in Q4, 2020.

Santander Hires Former Apple Exec to Develop with Ripple

Trish Burgess was working at Apple Inc. (NASDAQ: AAPL) and has wide experience in P2P payments and finance. Banco Santander hired Trish to help develop the global P2P payments system based on Ripple. IN Apple, Trish was at the forefront of the development of Apple Pay and the launch of the product in Europe and Asia. Per Chirag Patel, Global Head of Santander’s Digital Transactions:

“We know that innovation is powered by the most talented people, and we welcome Trish’s wealth of payment experience. Her fresh thinking is invaluable to the team as we forge ahead with our ambition to responsibly serve the financial needs of one billion potential customers and businesses in Europe and the Americas.”

At Santander, she will facilitate the extension of One Pay FX with a real-time mobile app called Pago FX. It is going to launch in different countries in Europe during 2020, using Ripple code as the basis. 

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Jeff Fawkes
Author Jeff Fawkes

Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.

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