Bank of America (BofA) is the second-largest bank in the United States (by total assets) and one of the top 10 banks in the world. Even though BofA has been linked with Ripple multiple times, it hasn’t been clarified whether there is a partnership between Ripple and BofA and if BofA is one of Ripple’s customers.
BofA has been a member of the RippleNet Committee (then known as Global Payments Steering Group – GPSG) since 2016. The RippleNet Committee is responsible for RippleNet’s Rulebook, a common framework that ensures operational consistency and legal clarity for every transaction. This group actively advises on maintaining and enhancing the rules and standards as RippleNet grows.
Proof of Concept
At the same time, Christopher K. Cumberbatch (BofA’s VP on Emerging Payments Technology from Jun 2017 – Mar 2018) confirmed that BofA conducted a Proof of Concept (POC) at the time with Ripple.
If this wasn’t enough, back in mid-February 2020, a Ripple announcement went out, announcing that BofA had joined RippleNet and would transact with Santander (another RippleNet member) to address the need for efficient cross-border payments into the U.S. starting with Mexico, with plans to expand over time to Europe, Latin America, the Middle East, and Asia. This came as no big surprise since BofA had already been responsible for RippleNet’s rulebook for almost 4 years so people had assumed they were also utilizing RippleNet.
Strangely, shortly after the announcement went out, the media outlet removed it and people were asked to delete tweets containing the information.
This brings us to the latest development, a confirmation that Ripple and BofA are partners. StuartXRP, one of the best XRP community researchers, dug out the transcript of a recent podcast between three BofA execs.
The host of the podcast entitled “Digitization of Payments and the Proliferation of Options” was Jonathon Traer-Clark (BofA Head of GTS Advisory) with two guests: Julie Harris (BofA Head of Global Banking, Digital Strategy) and Derrick Walton (BofA Head of Emerging Payments).
Julie Harris confirmed that BofA has partnered with Ripple:
“It’s not about our platform and our capabilities, it’s about you as a client and the infrastructure you have and the ability for us to integrate, whether that’s with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift. These are Fintechs that we’re partnering with. They’ve come through all of our rigor of legal and compliance and we’re able to leverage our banking as a platform to deliver that to you. So I really think the future is all about client experience and integrated platforms versus siloed products and capabilities.”
If you want to listen to that part with your own ears we have captured it here:
This is great news for Ripple and we can assume an official announcement will be made in the immediate future.