Bank of America’s Head of Global Banking has heaped praise on cryptocurrency project Ripple and its ability to integrate with traditional banking services.
Speaking on a podcast, BoA’s Julie Harris discussed emerging payment options for businesses and how it can improve efficacy.
“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.” She said.
“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.
Speculation surrounding Ripple’s ambiguous partnership with the Bank of America has been mounting over the past four years, with Ripple revealing in October that they had been working with the bank since 2016.
Thus far no details of the partnership have been announced by either Ripple or the Bank of America, but we can assume its based around cross-border payments in light of Harris’ comments on Ripple alongside Swift.
The price of Ripple’s XRP token has remained stable in spite of the comments and subsequent rumours, with it now trading along the $0.20 level of resistance flipped support.
About Ripple (XRP)
Ripple is a real-time gross settlement system (RTGS). It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create their own money.
It is one of the largest cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.