Bank of America reportedly joins RippleNet to power instant global payments

Thursday 20 February 2020 10:13 CET | News

Bank of America (BofA) has been quietly exploring the blockchain technology for several years now, and could be officially joining RippleNet, according to Zy Crypto.

In July 2019 BofA filed a patent application for a real-time international payment system that would be based on Ripple’s distributed ledger technology (DLT). Reports have surfaced that the multinational investment bank may have joined RippleNet, aiming to power instant global payments using blockchain technology.

The document cited by Zy Crypto says that this new collaboration will enable BofA to facilitate payments via RippleNet between the US and Mexico in the beginning, and later expanding to Europe, Latin America, the Middle East, and Asia.

It’s worth noting that neither Ripple nor BofA has officially confirmed the news at this point.

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Keywords: Bank of America, BofA, blockchain, RippleNet, cross border payments, instant payments, DLT, US
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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