Bank Of America Officially Partners With Ripple

The altcoin news and rumors over the past two years have been showing a potential partnership between one of the biggest banks in the United States and the company standing behind the XRP altcoin. Now, we can see that Bank Of America officially partners with Ripple – confirmed by the head of global banking.

As the latest Treasury Insights podcast shows, BofA’s Julie Harris affirmed the partnership with Ripple, but did not speak much about the details. As such, the details are still kept in mystery.

When discussing what would happen in the world of banking now that Bank Of America officially partners with Ripple, we guess that the next decade will be exciting. Harris said that BofA’s first goal is to ensure that its clients can get things done anywhere and anytime. The second goal is to ensure that it can integrate new solutions and keep pace with the rapid change in the world of fintech.

The announcement in the crypto news reads:

“Client experience, and that combination of the high touch and high tech ,is really important in a big area of focus for us. So not just the capability but the actual experience and ability to get things done anytime, anywhere because we are an around-the-clock society.

And the second [goal] is the ability to integrate. And Derrick touched on this a lot. It’s not about our platform and our capabilities. It’s about you as a client and the infrastructure you have and the ability for us to integrate, whether that’s with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift. These are fintechs that we’re partnering with. They’ve come through all of our rigor of legal and compliance, and we’re able to leverage our banking as a platform to deliver that to you.”

In the past, the officials at Bank Of America have been hesitant to acknowledge whether the company has an active and ongoing partnership with Ripple. Back in 2016, the two companies worked on a pilot project together. Even a job opening at BofA related to the project was posted on LinkedIn, noting that the company was looking to hire a treasury product manager to lead the “product management team for the Ripple Project, a decentralized ledger technology (DLY) based solution to cross border payments marketed to GTS [global transaction services] clients.”

Meanwhile, Bank Of America officially joined a pilot at Swift last year too, mainly to test a new service that is offering a better way of tracking payments.