- Bank of America (BOA) Tests Ripple’s Cross-border Settlement Product xCURRENT
- Possible Partnership Between BOA And Ripple
The bank of America (BOA), one of the most prominent banks in the United States of America (USA) has taken a step into incorporating Blockchain technology, this is after conducting a test on Ripple’s Distributed Ledger Technology (DLT) in its banking system and it seems BOA is prepared to carry out further testing to aid the implementation of the technology. Although the testing conducted on XRP was not made public, it seems BOA has no plans to incorporate XRP yet.
XRP (XRP) Price Today – XRP / USD
# Name Price 24H % 3 $0.236
The testing by BOA might open the way for other banks, as both analysts and traders have been vying for bank incorporation of blockchain technology. The current development is not a sudden action as it has been in view for a while now. Previously on November 2018, there were speculations of a mutual agreement between Ripple and Bank of America. With the latest development from BOA towards Ripple, it appears to be that BOA might be joining the leagues of banks using Ripple’s xRapid product.
Possible Partnership Between BOA And Ripple
Ripple’s xRapid product was created with the sole aim of reducing liquidity and introducing transaction ease into cross border payments for financial institutions. Currently, Ripple has over 200 financial institutions as customers. Top banks like the TAS group and Euro Exim bank where were the first to incorporate the use of Ripple’s payment system far back in 2013.
Even though the supposed partnership has not been made public yet, it is obvious Bank of America has an interest in the Ripple blockchain technology.
Although Ripple’s representative has not broken the silence about the partnership with Bank of America, there has been enough hint about it on their social media page. Some of the hints were when Ripple stated last year that a certain B of A as a customer during a seminar presentation. So far, all questions seeking to confirm the partnership directed to the representative has not been answered. To break the silence they stated thus: “Bank of America has been part of Ripple’s Global Payment Steering Group since 2016, and we did a pilot with them.”
Currently, only xCurrent seem to be the only tested product by BOA, it is now apparent that Bank of America is more than an adviser on Steering Group, which means that BOA might be close to incorporating xCurrent, one of Ripple’s flagship product.
The silence from BOA is understandable given their stance on blockchain-related services right from the inception of blockchain. Also, BOA might have knowingly or unknowingly giveaway hint of the partnership with their recent job posting seeking for a “Ripple project product manager.”