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Bank of America is reportedly waiting for the end of the U.S. Securities and Exchange Commission (SEC) court case against Ripple to join forces with the San Francisco-based payments company.
At Ripple Swell 2022 in London, Ripple Labs CEO Brad Garlinghouse reportedly told Linqto Director of Member Sales Nick Burrafato that Bank of America is waiting for the court case to settle before using Ripple’s on-demand liquidity (ODL) products.
Says Burrafato,
“[Brad Garlinghouse] made it clear that they’re ready to settle with the SEC as long as they can get clarity on XRP. I asked him if American companies were waiting on the sidelines to jump in the game once clarity happens – he said ‘Absolutely.’ He specifically said Bank of America. Bank of America is a huge partner of Ripple. And he said Bank of America stands to gain really big when the settlement happens because [Bank of America is] going to have a huge competitive advantage over their competitors by using ODL on the marketplace. So Brad is very, very bullish.”
Back in 2020, Ripple Labs also named Bank of America as a key member of its global payments network.
Said Julie Harris, Bank of America’s head of global banking at the time,
“It’s about you as a client and the infrastructure you have and the ability for us to integrate, whether that’s with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift.
These are fintechs that we’re partnering with. They’ve come through all of our rigor of legal and compliance, and we’re able to leverage our banking as a platform to deliver that to you.”
Earlier this month, Ripple Labs announced record growth of their ODL products despite the SEC lawsuit alleging that XRP is a security.