Bank of America is the second-largest banking institution in the United States. Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 35 million active users, including approximately 24 million mobile users.
Just yesterday, February 19th 2020, an article was leaked which was later deleted stating that Bank Of America has joined RippleNet. The speculation started to fly. At this point we did know a couple things:
- BOA had a Real Time Settlement patent on google which can be found here (https://xrprightnow.com/bank-of-america-files-patent-for-settlement-system-naming-ripple/)
- BOA has run pilots with Ripple
- Bank Of America is a member of Ripple’s Global Payment Steering Group since 2016
- Bank Of America is set to roll out real time payment in Q1 2020 (https://xrprightnow.com/bank-of-america-set-to-roll-out-real-time-payments/)
This morning the final piece to the puzzle has been laid. A Bank Of America employee for over 6 years who is head of The head of Global Transaction Services, Faiz Ahmad had this to say:
“At Bank of America, we embrace innovative opportunities that allow us to deliver an unparalleled customer experience. Technology has changed the expectations of customers when it comes to speed, visibility and reliability – introducing RippleNet allows us to address the evolving needs of our customers.”
Bank Of America will be using RippleNet to facilitate payments between the United States and Mexico at first before later expanding to Europe, Latin America, the Middle East, and Asia. All of these regions are the ones highlighted by Ripple in the Q4 report for expansion.
Shout out to Michael for sending this over to use make sure you give him a follow on Twitter at https://twitter.com/val5linx