Bank of America starts Ripple and Stellar alike service for cross-bank operations
Do you hold a Bank of America account? Merril Lynch, Merill Edge or US Trust? Well, if you do, blockchain technology has good news for you. Bank of America is deploying a new app to enable people to move the money among all those banks without the need for re-authentication.
This is a part of Bank of America’s new strategy to integrate fintech into traditional financial services. They are updating their services so they can provide “new, interactive ways” to use their Merrill Edge and Merrill Lynch accounts without cutting through any red tape. It’s all about giving their clients the ability to “investing on the go.”
Bank of America is serious about this. It even created a chief of digital banking who had this to say about the new development,
“We’re pleased to offer our nearly 26 million mobile users a new suite of innovative features.”
In Bank of America’s mind, its clients favor a full service that can manage their wealth without red tape. So much so, that most of those clients of theirs who own a million or more in assets wish to be able to transact between banks without cutting through red tape or paying fees. This app can do just that, and the ideal means is a mobile app. This mobile app.
Merrill Edge’s head, Mr. Aron Lvine said,
“Our research continues to underscore the growing importance of mobile technologies and financial planning across generations”
He added that,
“This is especially true for today’s millennials, as three-quarters believe that all financial decisions will be made with the help of technology in their lifetime, and approximately two in three are already turning to finance apps for guidance.”
The new app includes features such as personalized clash flow, biometric authentication, shopping cart, Zelle’s enhancements in P2P transactions, the Bank of America’s Digital Mortage Experience update, customizable alert configuration, redesign of statements and documents and rewards. It’s very complete.
And that’s just the beginning. Further features are about to come about, such as Bill Pay’s experience which will be available a little later this month.
All those features were available for online banking clients. Now, all you need to get them is precisely to have a mobile phone and an account.
And how is this relevant for the cryptosphere, we hear you ask? This is exactly the kind of platform that could be facilitated by either Ripple or Stellar. And, chances are, that’s exactly what will happen, given a little time.
Ripple’s and Stellar’s objective is, precisely, to make transactions among financial institutions very smooth, very cheap, and very safe. So Bank of America’s new initiative opens up a new window of opportunity for both projects that are just tailored for their systems.
Wall Street has been very reluctant to allow cryptocurrencies to enter into their world. Now they’re slowly realizing that they need the advantages they can get by adopting the blockchain.
They’re moving in that direction, and, sooner or later, they will realize that Ripple and Stellar have already done the work they need. They just need to accept it.
Keep an eye on the interaction between Ripple, Stellar, and Wall Street. Something will click soon, and then you’ll see how the token’s price will soar.
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