Bank of America and Ripple Are in Active Discussions at Ripple’s SWELL Conference, According to Report
Ripple’s SWELL conference got underway earlier today in San Francisco. According to reports online, Bank of America has sent representatives to enter discussions with Ripple’s team regarding a payment systems platform.
Here’s what The ICO Journal had to say about the alleged meeting:
“In a gathering yesterday evening dubbed the RippleNet Committee, before the start of the conference, representatives from Bank of America and others discussed their partnerships with Ripple and the ‘go-forward’ payment processing functionality of the firms’ products.”
In addition to Bank of America, the meeting involved a number of other major banks and financial institutions. MUFG Bank, WestPac, Standard Chartered, Banco Santander, American Express, Siam Commercial Bank (SCB), and SBI were all reportedly present at the RippleNet gathering.
The report claims that Ripple is doing everything in its power to partner with these major financial institutions, including the three biggest names involved:
“The headliners being Bank of America, American Express, and Banco Santander – who all possess global presences and brands of scale. Ripple has obviously rolled out the red carpet for these brands and made a commitment to doing whatever is necessary to partner with them.”
During this week’s SWELL conference, Ripple has also confirmed the launch of xRapid, a cross-border remittance solution built on top of the Ripple proprietary blockchain. The announcement has led to a bull run in XRP markets over the past week. The market cap of XRP has passed ETH multiple times in the past month to reach the number two position in the crypto market.
A number of major financial institutions have already agreed to test Ripple’s xRapid technology, including MoneyGram, Western Union, Mercury FX, and Cambridge Global Payments.
These firms – and possibly the banks above – can use xRapid to seamlessly transfer money worldwide. It could be a game-changer for financial institutions and corporations who wish to avoid costly international exchange rates and other costs of international money transfers.
Ripple claims to be launching xRapid later this month, although we don’t have an exact timeline for the launch.
Right now, The ICO Journal is the only publication reporting that a meeting has taken place between the teams at Ripple, Bank of America, American Express, and Banco Santander – so take the news with a grain of salt. However, this week’s SWELL conference could lead to a flurry of exciting announcements for Ripple and the XRP digital token.
— Ripple (@Ripple) October 1, 2018