Don’t you worry, you read that title correctly. It is true and we have the document! Bank Of America the ninth-largest bank in the world by total assets ($2,281.23 billion) has files a patient for a new settlement system that has Ripple right in the middle.
Brandon Matthew Castagna was one of the inventors of this patent which we can find on Google Patents – link below.
This patent was filed back in 2017, but was just published on June 6th. The patent describes a system using distributed ledger technology otherwise know as DLT as an interbank communication tool. The proposed system by Bank Of America would enable real-time settlement with transactions being sent through a shared, decentralized ledger to which both banks would have access.
The patent by Bank Of America contains a lot of technical banking terms and as they do not mention the word XRP, they are talking about instant settlement. How else does a bank instantly settle?
As per the Google patent, the system refers to a real-time settlement wherein it highlights the transactions to be communicated through a shared and decentralized ledger. The bank will have access to both the system, according to the patent.