US Second Largest Bank, Bank Of America, Secretly Tests Ripple XRP Technology

Recent reports leak that the second-biggest bank in the US, has secretly piloted Ripple’s blockchain technology and is poised to do more with it.

Late last year, during a seminar organized by the International Monetary Fund (IMF), Ripple recognized Warren Buffett-backed Bank of America as one of its customers during its presentation.

Probed about whether the Bank of America was indeed using Ripple’s products, the company’s spokesperson did not confirm nor deny if the bank was one of Ripple’s clients. She however stated that the two firms had done a pilot together. She stated that Bank of America has indeed been part of Ripple’s Global Payment Steering Group and joined in 2016. The spokesperson was adamant to reveal more details about the piloting project and Bank of America also refused to comment on the issue.

A Ripple representative told CoinDesk:

“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016 and we did a pilot with them,”

Although it has been an open secret that Bank of America is a member of the steering committee which offers advice about rules as well as standards for Ripplenet, which is the network used by financial institutions that utilize Ripple products. However, the revelation that the bank has been conducting a pilot is the strongest indication that the two companies are involved in something bigger than friendly advice.

In the past, the bank has been shy of blockchain technology with its chief technology officer, Cathy Bessant, openly saying she was bearish about the technology despite the bank having the most blockchain patents. Bessant explained that the patents were only meant to ensure that the bank was ready to use the technology if need arises.

However, signs points out that the bank is poised to use Ripple technology after it advertised a job opening earlier this month for a product manager who will steer a team for ‘Ripple project’. As per the job advert, the project entails ‘a decentralized ledger technology-based solution to cross border payments marketed to GTS clients’.

The CD report states that the bank appears to have tested xCurrent which is Ripple’s payment system that will allow online global transfers among financial institutions.

Leading Spanish bank Santander, American Express, as well as PNC, are some of the customers of the xCurrent payment service.

Make sure to read “XRP Ready to ‘Swell’ 220% in the Next Three Weeks as Ripple Event Nears” as many Ripplers are excited for the upcoming SWELL event happening Nov 7-8.

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Andrew Tuts
Andrew is a Canadian cryptocurrency analyst who has spent the last seven years writing about digital marketing, science, and technology for hundreds of online publications. Andrew breaks down the latest news from across the crypto and blockchain space in a way anyone – even his parents – can understand.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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