US financial giant PNC joins Ripple network for cross-border payments

US financial giant PNC joins Ripple network for cross-border payments

Home News US financial giant PNC occurs in the Ripple network for cross-border payments in

Of
Marcus Misiak –
20.09.2018

The PNC Bank, one of the ten largest banks in the United States, is a party to the RippleNet. PNC customers can now receive cross-border payments in real time over the RippleNet and the Ripple Software solution xCurrent and send.

With more than 8 million customers and retail stores in 19 U.S. States, PNC Bank has a wide customer base, including consumer, small and large businesses. The RippleNet technology will allow commercial customers of PNC to receive payments from foreign banks in real-time.

For example, to “a commercial customer in Pennsylvania, the payment of a British buyer receives payments at once what is the management of its accounts receivable, accounts modified, and allows it to be operational capital is better to manage“.

The RippleNet is a network of banks and payment providers, the use of the Blockchain from Ripple, to process payments. Although PNC Bank does not use the Open-Source crypto-currency, XRP and the Ripple-product xRapid. However, the Option that PNC uses as a Partner of the RippleNet, xRapid, in order to reduce liquidity costs and to increase the speed, at least in the future. Pilot projects with xRapid have shown that banks 40 percent to 70 percent of the transaction costs.

The Bank includes some of the world’s leading financial institutions of the network, including Banco Santander, American Express and the SBI-led Japanese consortium of banks. Overall, the RippleNet is to grow to more than 100 financial institutions and is represented in more than 40 countries on six continents.

Recently, Ripple, announced that the National Commercial Bank“ (NBC) from Saudi Arabia, one of the largest banks in the volume of cross-border credit Transfers in the world, the network joined.