Bank of America patents blockchain settlement system using Ripple technology

Bank of America filed a patent application for the blockchain system for interbank settlements, with the illustrations included in the application refer to the Ripple technology.

The document describes a system using distributed registry technology as an interbank communications tool that will allow for real-time settlement. In this case, transactions will be transferred through the general decentralized registry, to which the participating banks will have access.

The decentralized network will simultaneously verify the identity of the payer and the recipient and provide communication between the institutions. It is noteworthy that the numerous illustrations included in the patent explicitly refer to the Ripple technology, but the underlying asset Ripple XRP is not mentioned in the application.

Ripple technology is popular with banks around the world. In June, two Latin American banks immediately announced that they were testing a Ripple xCurrent solution for international payments. Also in May, it was reported that the Bank of Thailand will use Ripple technology to make cross-border payments, but soon these rumors were denied.

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