Ripple is naming Bank of America as a leading member of RippleNet, which is the umbrella term for the company’s global network of banks and financial institutions.
In an updated outline of RippleNet published on the San Francisco startup’s website, Ripple features Bank of America, Standard Chartered, Santander, MoneyNetint, SBC and Nium as six leading financial institutions in the network.
“The RippleNet Membership is a network of leading financial institutions that partner together to collectively and democratically govern and evolve RippleNet. These institutions work to standardize global cross border transactions…
It creates a community, regionally and globally, where members can learn and share insights and best practices as their use of RippleNet grows, and build new commercial relationships with other members.”
Although Ripple first announced a partnership with Bank of America back in 2016, details on exactly how the financial giant is utilizing Ripple’s payment products have trickled out at a slow pace.
A demo at Ripple’s recent Swell conference showed a Bank of America customer sending money using Ripple’s payment messaging technology.
In April, Bank of America’s head of global banking, Julie Harris, expanded on the partnership, saying it’s part of the company’s strategy to integrate new technology and keep pace with the rapid change in the world of fintech.
“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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