In yet another move that could boost the price of XRP, Ripple announced an important partnership.
According to a company statement, Bank of America has just been appointed as a leading member of RippleNet. It is the largest product for Ripple’s global network of banks and financial institutions.
Now, one of the largest American banks joins the list of members of RippleNet. The update can now be seen on site of the San Francisco startup.
Other institutions
In addition to Bank of America, other financial institutions are appointed as leaders in the network. They are: Standard Chartered, Santander, MoneyNetint, SBC and Budap.
“RippleNet Membership is a network of leading financial institutions that come together to govern and develop RippleNet collectively and democratically. These institutions work to standardize international transactions and create a community, regionally and globally, where members can learn and share ideas and best practices as usage of RippleNet grows. And they can build new business relationships with other members, ”said Ripple.
Ripple expands network
Ripple first announced a partnership with Bank of America in 2016. However, details about how the financial giant would use Ripple’s products were not disclosed.
However, more recently, a demonstration at Ripple’s Swell conference showed a Bank of America customer sending money using Ripple’s payment messaging technology.
In April, global bank chief Julie Harris expanded the partnership. At the time, he said that the company’s strategy includes integrating new technologies.
In addition, he commented that the institution seeks to keep up with changes in the world of fintech.
“It’s about you as a customer and the infrastructure you have and the ability to integrate, whether with platforms and resources we build or partnerships we have with companies like Ripple or Swift. These are fintechs with which we have a partnership. They have gone through all of our legal and compliance rigor. We can leverage our banking system as a platform to offer this to you, ”he concluded.
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