Bank of America has filed for a patent for a settlement system citing the Ripple ledger, per a filing on Google Patents.

The patent in question — the application of that was published on June 6 — describes a system using distributed ledger technology (DLT) as AN interbank communication tool. The projected system would change real-time settlement with transactions being communicated through a shared, decentralized ledger to that each the banks would have access.

The decentralized network would each verify the identity of the payer and therefore the payee and change communication between the establishments. Notably, multiple illustrations enclosed within the patent expressly cite Ripple DLT. Ripple’s base quality and projected settlement gateway asset XRP isn't mentioned within the patent.

In June, news broke that Siam commercial bank, Thailand’s largest commercial bank, denied any plans to start out using Ripple’s XRP token, contrary to earlier indications. The denial came when the bank tweeted that an “XRP system are declared soon” on June 5.

As Top Market Group reported earlier this month, Ripple incubator and investment arm Xpring has distributed $500 million to over 20 XRP projects — together with the blockchain-based vice platform Forte — since its launch in May 2018. The aim of the incubator is to fund the development of use cases for Ripple’s XRP token.

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