PNC Bank joins RippleNet for cross-border payments

PNC, a bank holding company and financial services corporation based in Pittsburgh, USA has officially joins RippleNet to be able to provide real-time cross-border payments services to its customer. PNC Treasury Management, a division of PNC Financial Services Group Inc will use xCurrent, a system developed by Ripple, to speed up overseas transaction.

Ripple with cryptocurrency XRP, is a project popular in financial and banking domain for transaction over blockchain. It is faster, efficient and more scalable digital asset for payments. Banks or financial institutions can use it for on-demand liquidity for cross-border payments.

XCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. It uses an immutable “interledger” protocol developed in partnership with the RippleNet Committee that ensures operational consistency and legal clarity for every transaction.

PNC bank operates in 19 states and the District of Columbia with 2,459 branches serving more than 8 million customers. It offers a wide range of services for all our customers, from individuals and small businesses, to corporations and government entities. Joining hands with Ripple's technology will enable their clients to receive payments from overseas banks in real time. The addition of a top U.S. bank like PNC on RippleNet fuels the network’s positive momentum states the Ripple blog.

So far RippleNet has grown to more than 100 financial institutions and continues to expand steadily each month. RippleNet has also recently expanded its reach to over 40 countries and six continents. Many of the world’s leading financial institutions has joined on the network American Express and the SBI led, Saudi Arabian Monetary Authority (SAMA), Japan bank consortium to name a few.