United States – A presentation at Ripple’s Swell Conference has confirmed its partnership with Bank of America. After years of being linked with the organization, Ripple executives are now working together with the US’ second-largest bank.
Last February 2020, the news went viral after Ripple announced cross-border payments between the US and Mexico using Bank of America. However, this announcement was subsequently retracted, and executives asked to remove all the relative tweets and posts about it. During the 2020 Swell Conference, Ripple discussed their partnership with Bank of America and how they utilize the network of banks and financial institutions.
According to Panos Mekras, the DigitalGen Financial Services CEO, Ripple’s payment messaging’s product demo promotes using Bank of America. The bank’s head of global banking digital strategy, Julie Harries, also shared last April 2020 that they want to work with Ripple XRP to enhance the client experience. In this century, a combination of high tech and touch is an essential focus for Bank of America. They want to get things done anytime and anywhere, especially because everyone lives in an around-the-clock society.
Furthermore, Julie Harries also discussed that they built a partnership with Ripple’s platform for better integration. It is not all about the platform but about the public as clients and leveraging the banking capabilities to deliver a better service.
Although the XRP community has different views about the partnership, many critics find it essential for the United States. With Ripple and Bank of America, more people can transfer payments and receive money directly without needing a central intermediate, resulting in a more conveniently banking system, especially in bridging two different currencies.
Ripple XRP has built an excellent reputation since it is faster, less costly, and more scalable than other cryptocurrencies or digital assets. With its partnership with Bank of America, more business people can rely on instant settlements and lower exchange fees.
Over the years, Ripple has been promoting micropayments and other peer-to-peer exchanges. The company has over two dozen customers, including the famous platforms Azimo, MoneyGram, and SendFriend. The Ripple CEO revealed that the list would continue to grow since they are trying to build a greater pulling power in Asia and America. These regions are increasingly interested in cryptocurrencies, especially Latin America and the Asia-Pacific region.
Ripple is very confident that the platform will continue to move forward in the next years. With the company’s new streamline business units, XRP will continue to b builders and not disruptors.