The Bank of America is Ripple’s customer since 2016, and this year, they had begun testing the XRPL-based technology product of Ripple, their representative had confirmed.
Hitherto, in a report by the U. Today, it says that the Bank of America (BoA) was looking for a Treasury Product Manager for their ‘Ripple Project.’
After confirmation with the spokesperson of Ripple, the CoinDesk had verified the abovementioned information.
Bank of America teams up with Ripple
Bank of America applied for a patent for its blockchain-based product they called ‘Ripple’ in the summer of 2019. It stirred controversies within the community, and there has been a discussion regarding the issue.
According to the report of CoinDesk, the spokesperson of Ripple has verified that the Bank of America is one of Ripple’s customers despite the lack of announcement in the early years.
“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016, and we did a pilot with them.”
Ripple did not release any further information about the issue, and the Bank of America remained silent as well.
In the previous time, the Bank of America is only known as a contributor to a group that helps in RippleNet advising when it comes to issues that deal with standards.
Early in October, Bank of America can be seen hiring a team lead that can help them to operate the ‘Ripple Project.’ This project indicates that the association between Ripple and the BoA is more than just a pilot.
BoA has no plans in utilizing XRP yet
It seems that the Bank of America had already tested the xCurrent system of Ripple, which does not use XRP in powering another product from them. Ripple has rebranded, and now the community believes that xRapid is changed into On-Demand Liquidity.
Aside from the Bank of America, other big-time customers of Ripple that utilize xCurrent includes American Express, PNC, and Santander.
With regards to the XRP and xRapid, the MoneyGram, a global payment network, is considered as their biggest player.