Thursday, October 22, 2020

Ripple Partnership Discussed By Bank of America Exec

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In an interview discussing emerging digital payment technology a lead executive at Bank of America praised Ripple as a partner. She noted Ripple’s passage of the bank’s compliance processes, and praised its ability to deliver quality services.


RIPPLE PRAISED FOR ITS POTENTIAL TO INTEGRATE WITH BANK SERVICES

Julie Harris, head of global banking, digital strategy made the comments on a podcast published by Bank of America. The conversation centered around the emerging payment options available for businesses, and the increasing need for faster, more efficient methods. On this topic Harris stated:

…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.

Harris did not give any further details on how the bank will be using Ripple. Given that she mentioned Swift in the same context, it is reasonable to assume that cross-border payments are part of the plan.

The full transcript of the podcast can be found here.

STATEMENT ADDS TO RIPPLENET RUMORS

There has long been speculation that Bank of America plans to begin using Ripple. Last October Ripple confirmed that it had been working with the bank since 2016, yet only acknowledged that this was part of a pilot project. Last year the banking giant hired at least one Ripple specialist, yet did not provide further details.

The key rumor is that Bank of America plans to begin using RippleNet. If true, such a move would have a massive impact on the platform. However, it is worth noting that there are other means by which the bank could embrace Ripple technology, thus such assumptions are premature.

Bank of America has not yet made any official announcements about its plans for Ripple. Thus, Harris’ statement is noteworthy.

There is no doubt, however, that the legacy banking industry is rapidly exploring the use of distributed ledger technology for a wide range of applications. Thus, blockchain assets are all but certain to become a mainstream element of global finance in the near future. In that context, Ripple is in a strong position moving forward.

What do you make of the recent BoA comments on Ripple? Add your thoughts below!


Images via Shutterstock

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