The Second-Largest Bank in the U.S.A Is Testing Out Ripple Technology
- Bank of America is using a decentralized ledger technology-based solution for cross border payments.
- It’s been a year since Ripple announced Bank of America as a customer.
- Bank of America belongs to Ripple’s Global Payment Steering Group
- The American bank is happy to continue banking the traditional way but see the need to hedge their position by having blockchain capability if in the future they need to swap over this burgeoning technology.
- Earlier this month the Bank of America announced they were fielding interviewees for postion in the comany to head up the Ripple project.
So What Product Are Bank Of America Trying Out?
- The product Bank of America is testing is XCurrent
- Customers for the XCurrent payment system include American Express, Santander and PNC.
- Banking giant Santander are already using the XCurrent payment system with great success
What is Ripple xCurrent?
- Ripple describes xCurrent as a global real-time gross settlement (RTGS) system
- This is the same label the world’s central banks use to describe their own settlement systems.
- xCurrent includes the distributed ledger used to record transactions as well as messaging and payment validation software
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