Bank Of America Could Explore Ripple Tech

Bank Of America Could Explore Ripple Tech

THELOGICALINDIAN - But XRP is not mentioned

In a move that will assuredly accelerate Ripple supporters, Bank of America (BofA) has filed a patent describing an all-embracing adjustment arrangement based on Ripple’s broadcast balance technology.

Bank of America is the second-largest cyberbanking academy in the United States and accounts for about 11 percent of all deposits in the country. Ripple Labs has afresh amorphous accretion its operations to above banks about the world, with the barrage of its xRapid and xCurrent products, advised for use by acceptable banking institutions.

The advertisement ability be met with skepticism afterwards aftermost month, back Thailand’s Siam Commercial Bank denied that it was planning to accept Ripple technology. But in this case, capacity of the apparent are available on Google Patents, acutely citation Bank of America Corp as the appellant and defining the action of blockchain-based payments application Ripple DLT.

Ripple’s CEO, Brad Garlinghouse, did annihilation to dispell the rumors of a accord with BoA. In a contempo actualization on Bloomberg, the Ripple arch “could neither affirm nor kill” the rumors, while hinting that the apparent could accept been leaked prematurely. “I too was afraid by that apparent application,” he said elusively, adding: “we accept not appear anything.”

Bank of America is no drifter to DLT, accepting reportedly filed over 50 cryptocurrency and blockchain-related patents in the accomplished two years. In December aftermost year, the coffer abundantly patented plans for the development of a DLT-based ATM that would break advice and tracking problems amid branches and the devices.

The new Ripple-related apparent is advised to facilitate real-time affairs and settlements amid BoA branches about the world. The use of DLT technology agency the banks would no best charge to delay canicule for all-embracing settlements to bright as the identities of both sender and receiver can be anon verified.

While the apparent acutely mentions the aggregation Ripple, there is no acknowledgment of XRP, the cryptocurrency that Ripple uses to accommodate clamminess on its xRapid network. While XRP can be advantageous in assertive situations, Ripple’s systems do not necessarily crave it to operate.

The description of the apparent begins “Embodiments of the present apparatus accommodate a arrangement operatively affiliated with a blockchain broadcast network” and includes assorted abstracts illustrating the allowances that a DLT-based arrangement will action over absolute processes. Some of the folio titles accommodate “Refunded Ripple Settlement”, “Traditional Relationship” and “Introducing Real-Time Settlement.”

SWIFT won’t let up that easily

Ripple has long-touted itself as a almsman to the anachronous SWIFT arrangement that banks currently use to accomplish all-embracing settlements. SWIFT (Society for Worldwide Interbank Financial Telecommunications) has been about for about bisected a aeon and is generally criticized for the continued cat-and-mouse times associated with its usage. However, faced with the antagonism from DLT technology, SWIFT has amorphous to advance aloft its systems.

In a recent trial, SWIFT’s new Global Payments Innovation (GPI) arrangement was able to complete payments in as little as 13 seconds. The tests were performed amid 17 banks advance beyond seven countries about the world, including China, Australia, Canada, Luxembourg, and Singapore.

Ripple’s technology can technically complete affairs alike faster, with speeds of bristles to seven seconds. But SWIFT’s accurate position aural absolute banking basement will present a appalling obstacle, abnormally to newcomers like Ripple.