Ripple Presentation Highlighting Bank of America Partnership Goes Viral – Is XRP in the Spotlight?

Friday 16 October 2020, 11:39 PM AEST - 6 days ago

A presentation at Ripples Swell conference promoting the San Francisco-based startups partnership with Bank of America is going viral.

The presentation featured mock demos of both Ripples XRP-powered cross-border payments product On-Demand Liquidity, as well as its payment messaging system, which does not rely on the crypto asset.

The demos quickly caused a stir among investors and advocates of the fourth-largest crypto asset, triggering a renewed discussion on Ripples partnerships and on exactly how Bank of America is utilizing Ripples network of banks and financial institutions.

According to DigitalGen Financial Services CEO Panos Mekras, Ripples payment messaging product demo used Bank of America, while Ripples On-Demand Liquidity demo used the money transfer business Fast Remit as a corporate example.

Ripples non-XRP product, which is a competitor to the international financial network Swift, helps banks settle fiat-to-fiat transactions in real time by using a secure messaging system to route payments and verify transaction details.

During a podcast in April, Julie Harris, Bank of Americas head of global banking digital strategy, shed new light on the financial giants relationship with Ripple.

Client experience, and that combination of the high touch and high tech, is really important in a big area of focus for us. So not just the capability but the actual experience and ability to get things done anytime, anywhere because we are an around-the-clock society.

And the second [goal] is the ability to integrate. And Derrick touched on this a lot. Its not about our platform and our capabilities. Its about you as a client and the infrastructure you have and the ability for us to integrate, whether thats with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift. These are fintechs that were partnering with. Theyve come through all of our rigor of legal and compliance, and were able to leverage our banking as a platform to deliver that to you.

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