Bank of America (BofA) executives have confirmed their partnership with XRP-parent company Ripple.
According to a report by XRPArcade, executives for the U.S.’s second-largest bank by total assets have confirmed its partnership with Ripple after years of being linked to the organization. BofA has been a member of the RippleNet Committee, an organization that oversees the network’s standards, since 2016.
In February, a Ripple announcement circulated claiming Bank of America would transact with fellow RippleNet member Santander for cross-border payments between the U.S. and Mexico. The announcement was subsequently retracted and publications were asked to remove the report from tweets and posts.
However, Twitter user XRP_Stuart published a transcript of several BofA executives discussing digital payments in a podcast titled “Digitalization of Payments and the Proliferation of Options.”
Bank of America✨— ༜༝🅂🅃🅄🄰🅁🅃🅇🅁🄿💧⚡ (@xrp_stuart) April 7, 2020
"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"
Julie Harris, BofA Head of Global Banking Digital Strategy, commented on the bank’s partnership with Ripple, saying,
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.
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