Ripple Looks to Partner With Bank Of America for Replacing SWIFT with Blockchain
Over the last 2 years, Ripple has been partnering with a lot of big fintech companies and also has earned the trust of a good number of financial institutions adopting its xRapid’s system for more convenient and super fast global transactions.
Now, there are rumors that the Bank of America and Ripple have been in discussions for a while now. The speculation rose after the BOA delegates and the Ripple team met behind closed doors last week.
Ripple CEO Brad Garlinghouse told Bloomberg TV on November 13 that his company is able to grow users at a fast rate corresponding to the market as financial firms are looking for faster technology than what is currently administered through established fintech company SWIFT.
“The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market…Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”
Notably, SWIFT hasn’t made changes since their debut making them prone to errors and expensive.
The blockchain of Ripple has gone very far, as more than 100 financial institutions and banks have adopted Ripple so far.Some of the biggest companies have already nodded to test Ripple xRapid system on their frameworks. These companies include names like MoneyGram, Western Union, Mercury FX, and Cambridge Global Payments. If Ripple closes its deal with Bank of America, Ripple will see an influx of more financial institutions.