Bank of America builds a settlement system based on Ripple’s technology

Fibo Quantum

  • One of the largest financial institutions in the US filed a patent for a settlement system with Ripple’s DLT mentioned in the description.  
  • The application registered in Google Patents on June 6 contains a system that employs the distributed ledger technology to perform interbank communications.

According to the patent, the system will allow for the real-time settlements of cross-border payments. The bank’s participants of the network will have access to the decentralized ledger used to process and verify transactions.

Interestingly, the patent description refers to Ripple’s technology on several occasions, though XRP token is never mentioned.

The proposed innovation is described as “a system operatively connected with a blockchain distributed network and for using the blockchain distributed network for facilitating real-time net settlement, the system maintained by an entity.”

Also, Bank of America has the biggest number of patents – either received or processed – related to cryptocurrency and blockchain technologies. Thus, in December 2018, the company filed a patent for a system aimed at making cash transactions more efficient.