Bank of America sings Ripple’s praises for international money transfers, signalling better times ahead for XRP
Bank of America, the United States’ second-largest bank, has published a study praising Ripple for its contributions to the payments sector, particularly in the Asia-Pacific (APAC) area. The bank’s analysts are quite confident in the company’s technology.
Bank of America recognises the transformative potential of technology to facilitate instantaneous financial transactions. The bank claims that APIs are what is driving the rise in popularity of real-time payments because of the dramatic changes they have brought to consumer connection and transaction processing.
One of the reasons Ripple’s technology for international payments has grown so popular is that it helps banks save money. Ripple reduces the fees involved with making international payments by cutting out the intermediaries and making use of blockchain technology, according to Bank of America.
Ripple’s efforts in the international payments sector were called a “possible exception” by the bank, which went on to say that other financial institutions may increase the value and competitiveness of their products by passing the savings on to their clients. Banks’ overall financial health and profitability are boosted by reduced operating expenses, which is especially important in today’s increasingly competitive market.
Ripple Labs has signed agreements with several banks and other financial institutions across the world. Even while Bank of America’s endorsement is significant, most of the world’s largest financial institutions are still not using Ripple’s technology due to the firm’s legal woes in the United States.
Since 2020, San Francisco’s blockchain payments startup has been fighting the U.S. Securities and Exchange Commission in court on allegations that it violated federal securities laws by offering the XRP cryptocurrency for sale to retail customers.
Massive shifts in the global payments ecosystem may occur from the broad adoption of Ripple’s technology after it has been integrated into the established conventional financial infrastructure.
The bulls haven’t been able to push the XRP price higher despite rising expectations of a positive result for Ripple in its current SEC litigation because of the bears. At the time of writing, the sixth biggest cryptocurrency by market size was trading at $0.4674, down 0.9% from the day before. It’s unclear whether XRP will make a fresh trip up north anytime soon.
