Is Ripple about to expand its partnership with a well-known bank? If the rumors appear to be true, then the Bank of America and Ripple have been in talks for a while now. The speculation started after the Bank of America representatives and the Ripple team met behind closed doors last week.
For the last year, Ripple has been on fire when it comes to partnerships. Ripple’s blockchain technology is ruling the banking and financial world. Recently, the company closed partnerships with American Express and Santander Bank.
Over the last week, however, the rumors regarding a potentially even bigger partnership have appeared all over the internet. The alleged partner: the Bank of America. Ripple was already working with the Bank of America, but according to the rumors, this partnership will be about something else than the deal which is currently in place.
— Dave Jones (@Dave_Jonez_02) November 12, 2018
Over the last 2 years, Ripple has been partnering with a lot of big fintech companies and also has earned the trust of a good number of financial institutions adopting its xRapid’s system for more convenient and super fast global transactions.
Ripple already brought financial institutions like MUFG Bank, Siam Commercial Bank, Westpac, and SBI, just to name a few, on board. Ripple seems to be a force to reckon with when it comes to global payments, and many other financial institutions are beginning to acknowledge its importance.
To make cross-border payments easier, faster, and cheaper, Ripple offers three systems: xCurrent, xRapid, and xVia. That said, xRapid, which launched recently, has been promoted by Ripple as the “go-to” solution. xRapid, is a commercial application that uses the cryptocurrency XRP as a kind of “bridge” between currencies, allowing payment providers and banks to process faster cross-border transactions. Therefore, the Bank of America might be looking to implement xRapid, which would be huge for XRP.
On November 13, Ripple Labs Inc. CEO Brad Garlinghouse told Bloomberg TV that his blockchain based company is able to gain customers at a fast rate relative to the market because financial firms are looking for faster, more modern technology than what is currently offered through entrenched fintech company SWIFT.
“The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market…Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”