Altcoin News: Bank of America Quietly Tested Ripple’s Tech

October 17, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The second-largest US bank, Bank of America, has tested out Ripple’s distributed ledger technology and may have further plans in this direction.

At the end of last year, at a seminar held by the International Monetary Fund, Ripple called Bank of America “customer” in his presentation. Responding to a request from CoinDesk, a Ripple spokeswoman declined to comment on the status of the relationship between the two companies but said they conducted a pilot program together.

“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016 and we did a pilot with them,” said Ripple spokesperson.

Previously, such a project was not reported. Bank of America declined to comment on this information.

It was previously known that Bank of America is a member of a coordination group that develops recommendations for the RippleNet payment network, however, the presence of a joint project may indicate that cooperation between the two companies is beyond the scope of consulting.

This announcement runs counter to the position of Bank of America technical director Cathy Bessant, who said she did not share a positive outlook on technology prospects, and her organization registers a large number of patents in the blockchain field just in case they are suddenly needed.

Earlier it became known that Bank of America was looking for an employee for a Ripple-related project.

“New hire would be responsible for driving product strategy and growth, overseeing daily product management routines, and overseeing the development of new initiatives that result in an innovative and highly-competitive product offering,” the vacancy text said.

The xCurrent service, which Bank of America at least tested, does not imply the use of XRP cryptocurrency. His clients are already companies such as American Express, Santander and PNC.

Author: Marko Vidrih