Bank of America and Ripple jointly test pilot project

One of the largest US banks, Bank of America, has tested the distributed registry technology developed by Ripple.

At the end of 2018, at a seminar of the International Monetary Fund, Ripple representatives mentioned that Bank of America is a “client” of the company. CoinDesk tried to find out more detailed information on this issue, but a spokeswoman for Ripple only noted that the companies “tested the pilot program together.”

“Bank of America has been a member of the Ripple Global Payment Coordination Group since 2016. We tested a pilot program with them, ”she said.

Earlier, no detailed information about this project was reported, and bank representatives declined to comment on this statement. Bank of America is part of a coordination group that develops recommendations for the RippleNet payment network, however, if the companies are working on a joint project, then this is a clear sign of deeper cooperation.

At the same time, Catherine Bessant, technical director of Bank of America, recently said that she does not take the prospects for blockchain technology very positively, and the organization registers many patents in this area only in case they are suddenly needed.

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A little over a week ago it became known that Bank of America hired an employee to work on a project related to Ripple. According to the job description, “the duties of the employee will include the management of the Ripple product management team, based on distributed registry technology, for cross-border payments.”

Among the users of the xCurrent service, which was tested by Bank of America, there are such well-known companies as Santander, American Express and PNC. In August, major Spanish banking giant Santander said it was launching a new remittance service in Latin America using the Ripple xCurrent solution.