Bank of America Confirms Relationship with Ripple, Swift

Bank of America Confirms Relationship with Ripple, Swift

Julie Harris, head of global banking at Bank of America (BofA), shed light on the lender’s relationship with Ripple as relevant details have been mysterious for years, according to the Daily Hodl website.

Harris said in the latest Treasury Insights podcast that the BofA’s first goal is to make sure that its customers can enjoy any service offered anywhere, anytime.

She added that the bank’s second goal is to ensure the possibility of integrating new solutions and keeping pace with the rapid developments in the fintech industry.

The executive also shed light on the future of the banking sector over the next decade, saying:

“Client experience, and that combination of the high touch and high tech ,is really important in a big area of focus for us. So not just the capability but the actual experience and ability to get things done anytime, anywhere because we are an around-the-clock society.

And the second [goal] is the ability to integrate. And Derrick touched on this a lot. 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, whether that’s with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift. 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.”

BofA work on pilot with Ripple

BofA officials have been hesitant to admit whether the bank has an ongoing relationship with Ripple.

The two parties have worked on a pilot in 2016. BofA posted a job vacancy related to the project on LinkedIn, stating that it needs a treasury product manager to lead the “product management team for the Ripple Project, a decentralized ledger technology based solution to cross border payments marketed to GTS [global transaction services] clients.”

However, the bank has not unveiled whether it utilized the cryptocurrency XRP.

Cryptolydian reported Navin Gupta, Ripple’s managing director for Southeast Asia & EMEA, as saying the coronavirus crisis has weighed on the global economy.

Further, Gupta said his company’s payment data indicates lockdowns around the globe, leading individuals and companies to change their investment habits.

Partnership with Swift to test new service

The bank has joined a pilot at Swift in 2019 to test a new service allowing the bank to track payments from a single source. The program has succeeded and included 22 companies such as JP Morgan, GE and Standard Chartered.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.