Ripple Confirms That Bank Of America Is A Client Of Ripplenet

Ripple has confirmed its cooperation with Bank of America (BoA). By updating its website, the payment solutions company has revealed Bank of America as one of its main clients in the RippleNet along with Banco de Santander, Standard Chartered, Nium, SCB, Moneynet, among others.

The partnership between Ripple and the second-largest bank in the United States has a long history of hearsay. It was only in October, during the 2020 Swell Conference, that images related to the partnership were leaked. As reported, pictures of a presentation showed an application operated by Bank of America based on RippleNet. With it, it was speculated that the bank’s customers will be able to send money internationally instantly with low costs and fees.

However, this remained a rumor and other images that attributed the application to Fast Remit were leaked. Also, earlier this year, an alleged leaked document indicated that Bank of America had joined RippleNet. The rumors were based on the fact that BoA was testing Ripple’s products in a secret pilot project Bank of America filed a patent based on Ripple’s Distributed Ledger technology.

Another important fact is that the second-largest bank in the United States has been part of Ripple’s Global Payments Management Group since 2016. In an interview this year, BoA executive Julie Harris praised the payment solutions company’s products. There she also indicated that Ripple has met the legal standards of the banking institution as a partner:

“It’s not about our platform and our capabilities, it’s about you as a client and the infrastructure you have and the ability for us to integrate, these are Fintechs that we’re partnering with. They’ve come through all of our rigor of legal and compliance and we’re able to leverage our banking as a platform to deliver that to you.