Bank of America secretly pilots Ripple’s distributed ledger technology and plans to do more with it according to the latest Ripple news that we are about to read below.
The second-largest bank in the United States has quietly tested the ripple technology and Ripple even went ahead to identify the bank as a customer in a presentation during a seminar held by the International Monetary Fund late in 2018. When asked about this, a Ripple spokesperson didn’t deny or confirm whether the bank was indeed treated as a customer but said that the companies have conducted a pilot together:
“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016 and we did a pilot with them.’’
The spokesperson didn’t provide any further information about the pilot and the Bank of America also declined to comment. It was previously known that the bank is a member of the steering group that advises on rules and standards for RippleNet. However, the news of the pilot is now a very strong indication that the bank’s relationship with the startup goes only a piece of friendly advice. The chief technology officer Cathy Bessant stated that she is bearish on the technology and that the Bank of America’s portfolio of blockchain patents exists only to pivot to the blockchain as quickly as possible. Another sign that the bank is warming to the sector is a job opening that the bank posted earlier this month for a product manager who will lead the team for a Ripple Project. This project is described as a decentralized ledger technology-based solution to cross border payments marketed to the GTS clients.
Ripple’s head of government Saga Sarbhai made a presentation back in 2018 during a seminar by the IMF in Samoa on fintech and the section of the presentation devoted to Ripple’s xCurrent service which includes a slide named ‘’A Snapshot of Our Customers.’’ The logo of the BOA Merrill Lynch appears at the top and more than 15 other financial institutions from around the globe. xCurrent which is the service that the Bank of America secretly tests out does not involve XRP which is Ripple’s token that the company periodically sells to fund operations and powers the xRapid product as we saw in the previous blockchain news.
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