Bank of America (BOA) praises Ripple's cross-border solution
- BOA stated the benefits of the solution, including transparency in payments and simplified correspondent banking model.
- According to the bank, Ripple's global payments solution works very well as a cross-border treasury payment solution.
In a recent report, the Bank of America (BOA) stated that Ripple's cross-border solution is innovative and praised it. According to an XRP Twitter fan by the online alias BankXRP, the BOA commended Ripple's technology for transitional payments.
According to the bank, Ripple's global payments solution works very well as a cross-border treasury payments solution, cross-border treasury receipt solution and a foreign exchange market maker. The bank also stated four potential benefits of Ripple's cross-border payment solution. These include transparency in payments, simplified correspondent banking mode, potentially reducing investigation and repairs and a possible way to provide liquidity in the US.
The report stated:
Innovation example: Ripple cross‐border solution. Ripple’s distributed ledger solution remedies legacy correspondent banking infrastructure challenges and provides bi‐directional messaging to enhance payment tracking, data transmission, and enables enhanced certainty in settlement.
Ripple's strategy for increasing adoption has always included selling its DLT and XRP-centric solutions to global institutions like payment providers and banks.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
