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Bank of America is Using Ripple, R3 for Distinct Purpose

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The firm and different big banks have been forming strong allies lately and that has transmogrified into instant and reduced fee transaction for these banks. Ripple has been a force to reckon with in the remittance industry. 

Recently, Ripple invested a whopping sum in MoneyGram, the second-largest cross border remittance firm with tentacles across 200 countries. By this collaboration, MoneyGram can use Ripple’s XRP for cross border payment for its teeming number of users across the internet. MoneyGram is going to make use of Ripple xRapid, a solution dependent solely on XRP token for easy and cheap remittance without thinking of any form of volatility.

Beyond that, the glad tidings in the Ripple community continues to increase as the firm continues to seal deals with central and big commercial banks.

A paper written in gold surfaced this weekend. Bank of America Merrill Lynch, now BofA Securities, is exploring Ripple solutions for cross border remittance. The paper presented at SWIFT Latin America Regional Conference (SWIFT LARC) by one Liba Saiovici, BoFA Securities is making use of Ripple and R3 for AI powered cross border payment.

The idea, dubbed GTS innovation program, is fashioned to make rigorously identify, test and mature new technologies and capabilities that can enhance BoFA’s global treasury solutions.

At the LARC 2019, featuring 500 delegates, 200 institutions, 35 countries representatives and 40 speakers from far and wide, Bank of America stated that it’s evaluating the commercialization of blockchain technology via Proof of Concepts with banks, global corporates, and top-tier technology providers.

According to Bank of America,

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“Ripple’s distributed ledger solution remedies legacy correspondent banking infrastructure challenges and provides bi-directional messaging to enhance payment tracking, data transmission, and enables enhanced certainty in settlement”.

The Bank of America says it finds solace in RippleNet due to its capacity to offer liquidity across the U.S., due to its transparency, and simplified correspondent banking model. As mentioned, R3, another Ripple partner is carried along in the innovation.