NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, October 29, 2019

By Omar Faridi

Charlotte, North Carolina-based Bank of America (BoA), the second-largest US bank with over $2.3 trillion in total assets, is reportedly testing out Ripple’s distributed ledger technology (DLT)-based financial products. The bank might be planning to do more with the San Francisco-based Fintech firm’s technology.

Ripple’s management said, during a presentation delivered at a seminar hosted by the International Monetary Fund (IMF) last year, that BoA is a “customer.”

When questioned about this recently, a Ripple representative stated that the bank would not confirm or deny whether it was a client, however, it said the companies had participated in a pilot together.

Photo courtesy of Ava Systems.