Ripple and Swift Collaborate With Bank of America, Says Top Executive

Bank of America’s chief of global banking throws fresh insight into the firm’s collaboration with Ripple.

BofA’s Julie Harris reiterates the banking giant’s collaboration with Ripple in the recent Treasury Insights podcast, the specifics of which were mired in controversy for years.

In explaining just what is going to occur in the banking industry in the next decade, Harris states BofA’s main aim is to guarantee that customers can do transactions wherever, always. The second goal is to make sure that it can incorporate new technologies and stay consistent with the radical change in the fintech ecosystem.

“Customer service and the fusion of high engagement and advanced technology is very essential for us in a major part field. And it’s not only the ability but the real effort and desire to always get things accomplished whenever, anyplace because we’re a community across the clock.

And the next [goal] is incorporating capability. Although Derrick has opened up a lot on that. This is not about our website and the abilities we have. This is for you as a customer and the facilities you have and our willingness to incorporate, whether we developed apps and technologies or partnerships with Ripple or Swift. They already passed through all of our legal and regulatory critical analyses, and we can use our banking as a vehicle for providing it to you.

Throughout the old days, BofA officials have refused to accept that the firm has an existing relationship with Ripple.

The two firms had worked together on a pilot back in 2016. A project- launch at BofA was published on LinkedIn, declaring that the company needed to recruit a Treasury Product Manager to direct the “Ripple Project Product Management Team, a decentralized ledger technology- cross- payment solution marketed to GTS [global transaction services] customers.” Information on the pilot’s result, or if it used the crypto asset XRP, was never reported.

Bank of America has formed a Swift pilot last year in testing a new program intended to provide businesses a means to trace certain transactions from one point of origin. The project was considered successful and comprised an approx of 22 businesses along with JP Morgan, GE and Standard Chartered.