Bank of America has filed for patent covering a settlement system citing Ripple ledger

  • Big U.S. investment firm, Bank of America, has filed for a patent, which cited Ripple DLT.
  • The system would facilitate for real-time settlement, transactions moving through a shared decentralized ledger.

Filing information via Google patents, shows that Bank of America filed for a patent relating to a settlement system, citing the Ripple ledger.

The patent raised is regarding to a system of which leverages distributed ledger technology (DLT), for the purpose of an interbank communication tool. It would facilitate for real-time settlement, with transaction moving through a shared, decentralized ledger. Both banking parities would have access.

In terms of the decentralized network, both will see verification of the identity relating to the payer and the payee. Communication will be enabled between the institutions.

Illustrations detailed within the patent cite Ripple DLT. However, Ripple’s base asset and proposed settlement gateway asset XRP is not mentioned in the patent.

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