According to the application, Bank of America intends to patent the system to maintain interbank communication with the use of distributed registry technology. The system will make it possible to carry out settlements in real time through the transfer of transactions through a single decentralized register, to which both banks will have access.
The decentralized network will be used to verify and identify the sender and recipient of the transaction. It is noteworthy that the many illustrations included in the patent application include the Ripple Distributed Register as an example of the technology used. At the same time, XRP cryptocurrency is not mentioned in the application.
Previously, Bank of America patented a mechanism for storing clients' cryptocurrencies and a number of other inventions in this area.
At the beginning of the month, Ripple reported that he had spent $500 million through the Xpring program to support initiatives that he thought were beneficial to his ecosystem.