Although the partnership between Ripple and Bank of America has been rumored for some time in the community, an update to Ripple's website recently confirmed it.
In the official website Ripple's can now be seen at Bank of America, one of the largest and most important banking and financial services entities in the United States, as a strategic member in the network of Ripple, together with other recognized banking and financial entities such as Santander, the commercial bank with headquarters in Spain; Standard Chartered Bank, the UK-based international services banking institution; Money Net Int, the global financial services provider; Siam Commercial Bank (SCB), one of the largest commercial banks in Thailand and nium, an international financial services fintech startup.
All of these entities, along with the recent confirmation from Bank of America, make up the RippleNet Membership, a network of leading financial institutions that collectively and democratically govern and evolve RippleNet, according to the company's information on its website.
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Global Cross-Border Transactions
Ripple is a technology-based financial services company blockchain US-based bank that seeks to work hand-in-hand with major banking and financial institutions to “standardize global cross-border transactions.” The company provides innovative solutions for banks around the world to integrate and cooperate with each other to enable low-cost cross-border transactions, improving customer experience through applications running on its network.
Ripple claims that its “membership” allows participating entities of RippleNet to join the Rulebook or RippleNet rulebook, which is designed to establish a common regulatory framework for all institutions to ensure operational consistency and legal clarity for every transaction that takes place.
An association from years ago
Ripple's partnership with Bank of America was announced in 2016 by the company, but has not been officially confirmed on its website until now. However, in the past, Ripple has made demonstrations of its payment network using Bank of America clients, as well as the director of global banking of this entity, Julie Harris, made some statements about the integration of new technologies to optimize its services and stay at the forefront of current technological development. During a Espaitec's In April, Harris talked a bit about his partnership with Ripple and Swift, and how these would allow the bank to stay up to date with today's incredibly rapid technological developments.
Source: Ripple.com
Ripple's technological solutions through the RippleNet platform allow partner banking entities to carry out cross-border financial transactions quickly and securely. Some of its clients, such as Arthit Sriumporn, Senior Vice President of Commercial Banking at Siam Commercial Bank, says that these solutions have enabled them to improve their customers’ experience, helping the bank to expand its business with a promising vision for the future.
RippleNet complies with ISO 20022, the ISO standard designed for electronic data interchange between financial institutions. Ripple is also part of the ISO Standards Body, as the first member focused on the development and implementation of new financial technologies, such as Distributed Ledger Technology (DLT), to meet the growing needs of customers and society.
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