Personnel

BoA Reported To Hire ‘Treasury Product Manager’ For Ripple

BOA Possibly Hires Specialist To Work With Ripple

Bank of America (BoA) may have hired a treasury product manager to work with Ripple. According to Cointelegraph, the bank recently took down a job listing about the position on LinkedIn.

“This role leads the product management team for the Ripple Project, a decentralized ledger technology-based solution to cross-border payments marketed to [global transaction services (GTS)] clients,” the job listing read. “The incumbent will be responsible for driving product strategy and growth, overseeing daily product management routines, and overseeing the development of new initiatives that result in an innovative and highly competitive product offering.”

The job listing said that the treasury product manager must have previous experience in the payments sector, but that specific knowledge of cryptocurrency wasn’t necessary.

The removal of the listing could mean that BoA is inching closer to becoming more accepting of cryptocurrency as a whole, or even just to Ripple. In July, BoA filed a patent, citing the service in multiple illustrations that mentioned a “refunded Ripple settlement.”

BoA has not been particularly friendly toward cryptocurrency over the years, and has blocked accountholders from finishing transactions. However, things seem to be changing this year, as the bank applied for a patent for a digital currency wallet in August. It also recently joined R3’s Marco Polo blockchain trade platform last month

The network — and its more than 25 member banks — aims to unlock a potential $1.5 trillion opportunity in global trade finance, according to a press release. Its other members include BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, OP Financial Group, Alfa-Bank, Bradesco, BayernLB, Helaba, S-Servicepartner, Raiffeisen Bank International, Standard Bank, Crédit Agricole and National Bank of Fujairah.

“Joining the Marco Polo Network supports our strategic objective of turning technology advances into trade solutions that address client needs,” said Geoff Brady, head of global trade and supply chain finance for GTS at Bank of America, in the release. “We look forward to exploring how the new technology can generate greater transparency for our clients throughout the transaction lifecycle, making traditionally paper-based, opaque processes easier and more efficient.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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