Top Ten US Bank Joins Ripple Blockchain RippleNet for Cross-Border Payments
With over $380 billion in funds, Pittsburg-based PNC Financial Services Group has become the newest celebrity to join RippleNet, an international payments system of over 100 institutions such as banks, payment providers, remittance forwarders and operators amongst other financial institutions to empower near-instant money transfers with in-built liquidity and end-to-end monitoring on a blockchain.
PNC Bank, only called PNC, is also the fifth biggest bank by amount of divisions and the 4th biggest using the most ATMs in the USA. The lender services more than 8 million customers in 19 nations in areas such as retail, consumer-ended banking and corporate banking. While retail providers (such as consumer and small business banking) is mainly offered to customers in the eastern countries, PNC provides institutional and corporate banking throughout the nation.
Ripple stated in its statement:
“Ripple’s technology will have an immediate impact on each of those groups, enabling PNC’s commercial clients to receive payments from overseas banks in real time.”
For example, a commercial client of a business trade situated in Pennsylvania will have the ability to receive payments from a UK purchaser against the invoices instantly, Ripple explained, enabling the client or business owner to gain from managing their working capital and accounts receivable.
The accession of PNC is arguably Ripple’s biggest banking scoop for its flagship product, which notably doesn’t utilize the XRP token, a cryptocurrency developed by Ripple. XRapid, a separate Ripple product which uses XRP for real-time liquidity in international transactions has witnessed relatively fewer adopters compared to the 100 (+) member-strong RippleNet.
While the likes of Western Union have trailed the XRP-based product for money transfers, a wider commercial application for xRapid is only a month off, according to Ripple’s chief of regulatory relations in APAC and the Middle East Sagar Sarbhai.
“I am very confident that in the next 1 month or so you will see some good news coming from where we launch the product live in production,” Sarbhai stated in a meeting earlier this week. Ripple chief executive Brad Garlinghouse has previously claimed that”dozens” of banks will be using XRP at the end of 2019.