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Bank of America Highlights Ripple's Impact on Cross-Border Payments with Blockchain

According to a report by Bank of America (BofA), Ripple is an exception to the relatively modest impact that blockchain has had on international payments systems, particularly in the Asia Pacific (APAC) region.

While blockchain has played an important role in digitizing trade documentation, its impact on cross-border payments has been limited, with the emergence of SWIFT GPI as the favored solution for tracking and tracing payments. However, BofA analysts note that Ripple's use case for cross-border payments is making an impact with blockchain.

The report also suggests that APAC is likely on a path towards abandoning physical cash, with the emergence of various digital payment options.

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