October 18, 2019 / news

Bank Of America Tests Ripple Technology

Bank of America, the second-largest bank in the US, has publicly tested the Ripple distributed ledger technology and may have further plans in this direction.

Ripple representatives did not confirm or deny whether the bank is a client of fintech startups, noting only that the parties conducted a joint pilot project.

Bank of America is part of a coordination group that advises RippleNet partners on legal compliance issues. The news about the pilot demonstrates that the bank’s cooperation with the startup goes beyond the advice.

Despite the fact that in recent years, Bank of America has been quite active in the field of patents for blockchain-based solutions, in May Catherine P. Bessant is chief operations and technology officer at Bank of America, said that the bank did not find technology for use in the financial sector.

Earlier, Bank of America filed a patent application for a blockchain cash processing system, and also intends to patent a settlement system, in the description of which the distributed Ripple registry is mentioned.

Besides, Bank of America recently joined the Marco Polo consortium working on the use of blockchain technology to increase the efficiency of international trade.


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