Bank of America, the second-largest bank in the U.S., is reported to be using Blockchain technology, following a testing on Ripple’s Distributed Ledger Technology (DLT) in its banking system. The bank could potentially be using xCurrent, one of Ripple’s flagship products. xCurrent, the service that Bank of America appears to have at tested out, does not involve XRP, the cryptocurrency.
It was previously known that Bank of America is a member of the
steering group that advises on rules and standards for Ripplenet, the network
of financial institutions using Ripple products. But the news of the pilot is
the strongest indication yet that the bank’s relationship with the company goes
beyond what we see today.
Currently, more than 200 financial institutions, including the TAS group, Euro Exim Bank, and more, are signed in as Ripple’s customers. The Bank of America will further be the next big institution to use and stand with the blockchain network.
Ripples on the water
Ripple is considered one of the most popular blockchain partners among the largest banks across the world, and it is one of the only companies which develop and deploy blockchain technology that banking and finance institutes are adopting and getting the best out of it in terms of secure, transparent and real-time cross border transactions. Several banks across the world use Ripple’s distributed ledger technology and products like xRapid and xCurrent to conduct international transactions.
One more sign the Bank of America is warming to the sector is a job opening the bank posted earlier this month, for a product manager who would lead the team for a “Ripple project.”
The project was described as “a decentralized ledger technology-based solution to cross border payments marketed to GTS (Global Transaction Service) clients.”