Over the last 2 years, Ripple has worked with many large fintech companies and has also earned the trust of a number of financial institutions that have adopted their xRapid system for cheaper and faster global transactions.
Now, there are rumors that Bank of America and Ripple have been questioning for some time. Speculation increased after BOA delegates and the Ripple team met behind closed doors last week.
Ripple's CEO, Brad Garlinghouse, told Bloomberg TV on November 13 that his company is able to grow users at a fast pace corresponding to the market, as financial companies are looking for faster technology than those currently managed by the established company of fintech SWIFT.
"The technologies that banks use today that Swift has developed decades ago have not evolved or kept pace with the market … Swift said that not so long ago they did not see blockchain as a solution for the corresponding banking system. 100 of their customers claiming that they are not in agreement. "
In particular, SWIFT has not made any changes since their debut making them prone to errors and expensive.
Ripple's blockchain has gone much further, as over 100 financial institutions and banks have adopted Ripple so far. Some of the biggest companies have already made a nod to test the Ripple xRapid system on their frameworks. These companies include names such as MoneyGram, Western Union, Mercury FX and Cambridge Global Payments. If Ripple closes its agreement with Bank of America, Ripple will see an influx of other financial institutions.