Bank of America, one of the largest financial institutions in the USA, filed a patent application for the settlement system, in the description of which the distributed Ripple ledger is mentioned, Cointelegraph reports.
The application was posted on Google Patents on June 6 and describes a system using Distributed Ledger Technology (DLT) as an interbank communications tool.
The proposed system should provide real-time payments and implies access of participating banks to the general decentralized registry, through which transactions and verification of senders and payees are carried out.
BoA Patent Filling
In the description of the patent, the technology of the Ripple's distributed registry is encountered several times, although the XRP token itself is not mentioned.
Bank of America is one of the world leaders in the number of successfully obtained or being in the process of consideration of patents in the field of cryptocurrency and blockchain. So, in December last year, the organization submitted an application for a system aimed at improving the handling of cash.
A month earlier, Bank of America received a patent for a mechanism that would allow large companies, including stock exchanges and custodial services, to store their clients' cryptocurrency assets.