Bank of America Exec: Ripple XRP A ‘Possible Exception’ In Payments Space
Crypto Market News: Ripple’s enterprise blockchain and crypto solutions continue to spread reach among mainstream financial companies, with new partnerships. Recently, the company received an in-principle approval to its ‘Major Payments Institution License’ application in Singapore, a key market in the Asia-Pacific region. The payments solution is based on Ripple’s On-Demand Liquidity (ODL) service, which uses XRP token as a bridge to settle payments. Hence, these partnerships could likely have an everlasting impact on XRP price going forward.
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Over the recent years, Ripple had stitched partnerships with many top financial institutions like SBI Holdings, the Saudi Arabian Monetary Authority(SAMA), Banco Santander, Western Union, UAE Exchange and American Express. In a similar development, the Bank of America executives recognized Ripple’s capabilities as a cross border payments provider.
Bank Of America Recognizes Ripple Payments Solution
A recent report showed the Bank of America recognizing blockchain’s role in effecting real time payments in the Asia Pacific region. Venkat ES, Head of Treasury Products at the bank, noted that blockchain technology played an important role in digitizing trade documentation via smart contracts. He remarked that Ripple’s work is a ‘possible exception’ in the payments space although it has a competition in the form of SWIFT gpi. The SWIFT gpi technology, which offers cross-border payments across banking networks, is being favored over Ripple’s solutions, he explained.
“In Cross border payments, the work of Ripple is a possible exception, its impact has been limited.”
Meanwhile, Ripple, and subsequently the XRP token price could get a huge boost by the end of the last quarter of 2023 if Judge Analisa delivers a favorable summary judgement in the lawsuit against the U.S. Securities and Exchange Commission (SEC).
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