Saturday, January 16, 2021

Ripple Finally Confirms Partnership with Bank of America (BoA) at Swell 2020

A presentation at Ripple Swell conference 2020 promoting the partnership between the US-based cross-border payment firm and Bank of America (BoA) is now trending within the XRP community.

The presentation featured the demos of XRP-powered cross-border payment product, On-Demand Liquidity (ODL) and its payment messaging system that does not depend on the digital asset.

The presentation rapidly went viral among XRP enthusiasts and investors. This now makes many curious about the way Bank of America leverages Ripple’s network of banks and financial institutions.

Read Also: XRP Contributes To the Development of CBDC and Stablecoins –Ripple Senior Executive Explains

As revealed by the CEO of DigitalGen Financial Services, Panos Mekras, Ripple’s payment messaging product demo used Bank of America (BoA), while Ripple’s XRP-powered On-Demand Liquidity (ODL) demo used the money transfer business Fast Remit as a related example.

Panos tweeted, “The one that had Fast Remit was an ODL demo and it was in the main / live room. The one that had BoA was in the demo room and it was an xCurrent demo, not ODL. I was there watching it live.”

As reported by Daily Hodl sometimes in April 2020, the head of global banking digital strategy at Bank of America, Julie Harris, explained the relationship between the banking giant and Ripple during a podcast.

Read Also: New Job Listing Reveals Ripple’s Plan to Scale XRP Payment Products across the World

Harris said:

“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.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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