Ripple (XRP) is a crypto currency that is mainly used by banks. The picture shows stacked XRP coins.
Everyone is talking about a presentation at the Ripple’s Swell conference promoting the San Francisco-based startup’s partnership with Bank of America.
The presentation included mock demos of both Ripple’s XRP-driven On-Demand Liquidity product for cross-border payments and its non-crypto-asset based payment messaging system.
Ripple’s partnership with Bank of America is official
The demos quickly caused a stir among investors and proponents of the fourth largest crypto asset, sparking renewed discussion about Ripple’s partnerships and how exactly Bank of America uses Ripple’s network of banks and financial institutions.
According to Panos Mekras, CEO of DigitalGen Financial Services, Ripple’s payment messaging product demo used Bank of America, while Ripple’s on-demand liquidity demo used Fast Remit money transfer business as a company example.
Ripple’s non-XRP product, which is a competitor to the international financial network Swift, helps banks process fiat-to-fiat transactions in real time by using a secure messaging system to route payments and verify transaction details.
During a podcast in April, Julie Harris, Head of Global Banking Digital Strategy at Bank of America, shed new light on the financial giant’s relationship with Ripple.
The customer experience, and that combination of high-touch and high-tech, is really important to us in a large area of focus. So not just the ability, but the actual experience and ability to get things done anytime, anywhere, because we are a society that works around the clock.
She further said:
And the second [goal] is the ability to integrate. And Derrick touched this very often. It’s not about our platform and our capabilities. It’s about you as a customer and the infrastructure you have and the ability to integrate us, be it with platforms and capabilities that we have built or with partnerships that we have with companies like Ripple or Swift. These are fintechs we work with. You have met all of our stringent legal and compliance requirements, and we are able to use our banking as a platform to bring this to you.