Wednesday, April 1, 2020

How Bank of America’s Partnership with RippleNet could Optimize Cross-Border Payments

BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.
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Key Points

  • Bank of America to speed up its cross-border payments using RippleNet.
  • The maiden stage of the service will apply only to America and Mexico.
  • Ripple’s On-Demand Liquidity (ODL) product not part of the deal.

Unbeknownst to many, the second-largest banking institution in America, the Bank of America, has been a fan of the blockchain technology. For several years, the bank has been conducting low key researches on the subject. From recent updates, the bank appears to have gained enough confidence in cryptocurrency, hence its partnership with RippleNet.

Bank of America Solidifies Relationship with Ripple

These two financial giants, Bank of America and Ripple technology, are no strangers to each other. The bank applied for a patent that will make use of one of Ripple’s products in 2019. The application which was filed last year’s July was for a real-time international payment system that will be dependent on Ripple’s distributed ledger technology (DLT).

Bank Of America Patents Private

Presently, the journey of many years has finally come to a head with the coming together of the Bank of America and RippleNet. This collaboration has the mandate to make cross-border payments reliable, cheap and fast by using blockchain technology. By the reason of this agreement, the Bank of America has joined the league of global banks who utilize the blockchain technology to facilitate efficient cross-border payments and inter-bank messaging.

A New Dawn

One of the characteristics of the Bank of America is its drive for Innovation and according to the bank’s head of Global Transaction Services, Faiz Ahmad, innovation helps the bank provide unequaled customer experience. As technology evolves, the expectations of customers follow suit. Demand for greater visibility, reliability, and speed are made on businesses and those lagging in providing them are relegated. In light of this, the alliance with RippleNet is aimed at helping the bank to stay in tune with the growing needs of its customers.

The upgraded system of the bank using RippleNet will first be tested on transactions between the United States and Mexico. Later on, countries in Latin America, Asia, Europe, and the Middle East will be included in the service.

It should be noted that this news is yet to be officially acknowledged by Ripple and Bank of America. However, when that eventually happens, it will be good news for both Ripple coin owners and the crypto community at large.

Will The XRP Be Involved?

As it has already been established, Bank of America is now in business with RippleNet. More than 300 organizations have so far partnered with RippleNet. These organizations are situated in different parts of the world and they include payment providers, remittance companies and banks. The Bank of America just made the list.

However, the alliance will exclude the use of the On-Demand Liquidity (ODL) product which is tied to the XRP digital asset. Perhaps in time to come, the bank will also turn its attention to the product.

As at press time, XRP is trading at $0.294502, after it gained 2.64 percent in the last 24 hours against the US dollar.

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