A presentation at Ripple’s Swell conference promoting the San Francisco-based startup’s partnership with Bank of America is going viral.
The presentation featured mock demos of both Ripple’s XRP-powered cross-border payments product On-Demand Liquidity, as well as its payment messaging system, which does not rely on the crypto asset.
The demos quickly caused a stir among investors and advocates of the fourth-largest crypto asset, triggering a renewed discussion on Ripple’s partnerships and on exactly how Bank of America is utilizing Ripple’s network of banks and financial institutions.
#Ripple finally confirms Bank of America! pic.twitter.com/uW4Tp5aEn7
— Danger Mouse XRP (@DangerMouseXRP) October 14, 2020
According to DigitalGen Financial Services CEO Panos Mekras, Ripple’s payment messaging product demo used Bank of America, while Ripple’s On-Demand Liquidity demo used the money transfer business Fast Remit as a corporate example.
Ripple’s non-XRP product, which is a competitor to the international financial network Swift, helps banks settle fiat-to-fiat transactions in real time by using a secure messaging system to route payments and verify transaction details.
During a podcast in April, Julie Harris, Bank of America’s head of global banking digital strategy, shed new light on the financial giant’s relationship with Ripple.
“Client experience, and that combination of the high touch and high tech, is really important in a big area of focus for us. So not just the capability but the actual experience and ability to get things done anytime, anywhere because we are an around-the-clock society.
And the second [goal] is the ability to integrate. And Derrick touched on this a lot. 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. 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.”
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