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zerocool

Bank of America's new patent

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'RIPPLEL ILP' in the middle

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10 minutes ago, zerocool said:

Great find @zerocool.  I love the comparison in figures 2A and B showing DLT.  Standard Chartered is shown in figure 7 as well.  Lots of good stuff here - wish it would have shown using XRP.  Looks like nostro is still required?  Seems like nostro and vostro wouldn't be required but I'm apparently wrong.

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Posted (edited)

Nice find. It's one reason to be a part of these communities. Despite some of the hate and skepticism, it is these gems that make it all worthwhile. XRP is the standard like it or not.

 

Edited by Tokyoliving
sentence change

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Posted (edited)
9 minutes ago, Roaring_Twenties said:

Great find @zerocool.  I love the comparison in figures 2A and B showing DLT.  Standard Chartered is shown in figure 7 as well.  Lots of good stuff here - wish it would have shown using XRP.  Looks like nostro is still required?  Seems like nostro and vostro wouldn't be required but I'm apparently wrong.

The way I interpret it, is that a nostro account can still be used, but that option is not required - 1st benefit states "option to eliminate need for physical accounts at partner institutions". I would imagine over time, nostro/vostro accounts will be phased out, vs. the elimination of them immediately.

Edited by zerocool
typo

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26 minutes ago, SevenBees said:

'RIPPLEL ILP' in the middle

At first glance, this looks like RippleNet, not IoV.

This is a payment flow from one USD Corp, to two beneficiaries in another currency.

The internal flow at each FI look to be inline with how Ripple has been articulating to banks how RippleNet would work for years.

16 minutes ago, LiquidGoat said:

not sure why there is a patent though, can someone explain why BOA would file a patent and what it’s for exactly (ELI5 pls)

Because there will be IP fights, where other banks try to tell BoA they can't do something using a certain patented method. 

That and the IP attorneys both want work now, and when the fights start.

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1 hour ago, youngdude said:

Why are people not more excited about this?

Because @Ripple still dumps no matter what.

BTW, AMEX also has a similar patent they published last year or the year prior. 

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