October 26, 2020

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 launched a joint pilot project. No other details were disclosed 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 Bank ofAmerica was quite active in patents for solutions related to blockchain technology. In May, the technical director of the financial institution, Katie Bessant, said that the bank did not consider this technology 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.

According to the materials www.fxstreet.com