Bank of America praises Ripple’s role in the payment industry

A report from the analysts of Bank of America mentioned Ripple as a good player in the payment services provider sector. The report mainly praised the technology that Ripple uses. 

The Bank of America Corporation (BofA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. At present, this bank is the country’s second-biggest bank. 

Recently the BofA analysts published a report entitled Breaking New Ground: Harnessing Payments Innovation in APAC. In the report, they highlighted that Ripple, a San Francisco headquartered fintech firm, is playing a vital role in providing frictionless cross-border payment services across the Asia-Pacific (APAC) region.

The report noted that banks are saving money with the help of efficient cross-border payment services by using Ripple’s payment infrastructure. The report also noted that Ripple uses blockchain technology to eliminate the role of middlemen & provides real-time payment services at very low transaction fees. 

According to BofA analysts, low-cost payment services help banks to maintain their profit margins as well as financial health, to survive easily under bad financial situations. 

On behalf of the BofA’s report, the majority of the XRP holders are showing happiness and supporting Ripple’s native Crypto token, XRP. 

At present Ripple firm is in a legal conflict with the United States Securities Exchange Commission (SEC). In Dec 2020, the US SEC sued Ripple over its payment business model and the nature of the XRP coin. 

To date, the legal fight is going on in the court but none of the parties are ready to settle the case. In the latest turn, Ripple is standing in a better position against SEC’s claims. 

Read also: Google partners with Bitcoin Lightning Network infrastructure provider

Bank of America praises Ripple’s role in the payment industry

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