February 22, 2024

Bank of America tests Ripple technology

Bank of America tests Ripple technology

Bank of America, the second largest US bank, announced its intention to use Ripple's blockchain solutions.A Ripple spokeswoman confirmed that the companies have launched a joint pilot project. No other details have been released at this stage.

BoA is part of a coordination group,which advises RippleNet partners on compliance issues. The pilot project confirms that now the relationship between the companies goes beyond the scope of legal advisory services.

Despite the fact that in recent years the Bank ofAmerica has been quite active in patenting blockchain solutions, with the financial institution's CTO Cathy Bessant saying in May that the bank does not believe the technology is useful for the financial sector. 

BoA previously filed a patent application for the systemprocessing money on the blockchain. In addition, the bank intends to patent a settlement system based on Ripple's distributed ledger technology.

BoA also recently joined the Marco Polo consortium working on blockchain solutions that can be used to increase the efficiency of world trade.

Based on materialswww.fxstreet.com