In a significant development for the blockchain and financial technology sectors, Ripple has officially confirmed that Bank of America (BoA) has been a customer since 2016 and is now actively testing a product built on the XRP Ledger (XRPL). While details remain limited, this revelation marks a pivotal step in mainstream financial institutions embracing decentralized ledger technologies.
The confirmation came via a spokesperson for Ripple in a conversation with CoinDesk, validating earlier speculation that had circulated throughout the crypto community. This collaboration, though previously under wraps, suggests growing institutional confidence in blockchain-based payment solutions—particularly those offering speed, scalability, and cost-efficiency.
Longstanding Partnership Revealed
Bank of America has been part of Ripple’s Global Payment Steering Group since 2016—an advisory body that helps shape the evolution of RippleNet by contributing insights on payment standards, compliance, and cross-border transaction frameworks.
“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016 and we did a pilot with them,” a Ripple representative confirmed to CoinDesk.
While this involvement was known in broad terms, the extent of technical engagement was unclear—until now. The recent disclosure confirms not only an ongoing relationship but also active experimentation with Ripple’s XRPL-based infrastructure. This goes beyond advisory roles and indicates hands-on exploration of real-world applications.
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From Patent Filings to Active Pilots
Back in summer 2019, Bank of America filed a patent for a blockchain-based system named “Ripple,” sparking widespread discussion. At the time, many speculated whether the bank was developing its own competing technology or preparing to integrate Ripple’s existing solutions. Now, with confirmation of their partnership, it appears the latter is true.
Further fueling expectations, BoA posted a job listing earlier in October for a Treasury Product Manager—a senior role explicitly tied to managing a “Ripple project.” This suggests the bank is moving beyond preliminary testing into more structured implementation phases, possibly laying the groundwork for enterprise-level deployment.
Such strategic hiring underscores a deeper commitment: Bank of America isn’t just observing blockchain innovation; it’s building internal expertise to harness it.
Understanding Ripple’s Technology Stack
To fully appreciate the significance of this collaboration, it's important to distinguish between Ripple’s key offerings:
- xCurrent: A messaging and settlement solution used primarily by banks for real-time cross-border payments. It enables synchronized communication between financial institutions but does not use XRP.
- On-Demand Liquidity (ODL): Formerly known as xRapid, ODL leverages XRP as a bridge currency to facilitate instant, low-cost international transfers without pre-funded accounts.
According to available information, Bank of America has tested xCurrent, not ODL. This means the current phase of experimentation does not involve XRP directly. However, participation in RippleNet’s ecosystem still represents a major shift toward modernizing legacy payment rails.
Other major financial institutions using xCurrent include PNC Bank, American Express, and Santander—demonstrating growing traction among traditional players.
What This Means for XRP Adoption
Although Bank of America isn’t using XRP today, its engagement with Ripple’s network keeps the door open for future adoption. Historically, institutions often begin with non-XRP products like xCurrent before progressing to ODL once regulatory clarity and internal policies align.
MoneyGram, one of the most prominent adopters of On-Demand Liquidity, demonstrated how XRP can reduce liquidity costs and settlement times dramatically. If Bank of America advances to a similar stage, even limited integration could have profound implications for XRP’s utility and market perception.
Moreover, BoA’s scale—over 43 million consumer banking accounts and operations in more than 35 countries—means any move toward blockchain-based liquidity could influence peers across the industry.
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Core Keywords and Strategic Implications
The key themes emerging from this development include:
- Ripple
- Bank of America
- XRPL (XRP Ledger)
- xCurrent
- On-Demand Liquidity
- blockchain payments
- cross-border transactions
- financial innovation
These keywords reflect both technical and strategic dimensions of institutional blockchain adoption. By naturally integrating them into discussions around real-world use cases, content creators and analysts can better serve search intent while maintaining relevance and depth.
Frequently Asked Questions (FAQ)
Q: Is Bank of America using XRP?
A: No. As of now, Bank of America is testing Ripple’s xCurrent system, which does not utilize XRP. There is no public indication that XRP will be adopted in the near term.
Q: How long has Bank of America worked with Ripple?
A: Since 2016. The bank has been part of Ripple’s Global Payment Steering Group and recently began piloting XRPL-based solutions.
Q: What is On-Demand Liquidity?
A: It’s Ripple’s solution for instant cross-border payments using XRP as a bridge asset. Previously called xRapid, it reduces reliance on pre-funded accounts.
Q: Why is this partnership significant?
A: Because Bank of America is one of the largest financial institutions globally. Its exploration of blockchain signals broader acceptance of decentralized technologies in traditional finance.
Q: Could Bank of America start using XRP in the future?
A: While not confirmed, it’s possible. Many banks start with xCurrent before adopting XRP-powered ODL as they become more comfortable with digital assets.
Q: What other companies use Ripple’s technology?
A: Santander, American Express, PNC Bank, and MoneyGram are among the notable institutions leveraging RippleNet or ODL for international payments.
👉 Learn how next-generation payment networks are reshaping global finance.
Final Thoughts
Ripple’s confirmed collaboration with Bank of America represents more than just another corporate pilot—it reflects a quiet but powerful transformation underway in global finance. As legacy institutions seek faster, cheaper, and more transparent ways to move money across borders, blockchain-based solutions like those offered by Ripple are becoming increasingly indispensable.
While XRP may not yet be part of BoA’s toolkit, its engagement with RippleNet sets a precedent that could inspire wider adoption across Wall Street and beyond. For observers and investors alike, this development underscores the importance of tracking institutional blockchain initiatives—not just price movements or speculative news.
As the line between traditional finance and decentralized technology continues to blur, partnerships like this one will likely become the norm rather than the exception.