The PNC Financial Services Group of Pittsburgh agreed to use Ripple's blockchain technology to process international payments, joining other large banking companies that have allied with the technology company in an attempt to accelerate money transfers.
The assets of $ 369 billion PNC will become part of the Ripple network, based on a distributed register, RippleNet, to exchange payment instructions for banks, Chris Ward, product manager at PNC Treasury Management, has said in an e-mail on Wednesday. PNC will go to live with the service sometime in the next quarter. The financial conditions between PNC and Ripple have not been disclosed
Bank of America, American Express, Banco Santander and Credit Agricole are among the companies that already use RippleNet.
It is the "first production use" of PNC's blockchain-related technologies, Ward said.
"As the global economy becomes more and more digital, the need for real-time payments globally is crucial," Ward said in a press release, published Wednesday. "Our goal is to provide our customers with features that enable them to make secure digital payments in an instant, whether they are sent from the other side of the world."
PNC business customers will be able to receive real-time invoice payments from buyers located outside the United States, said Ripple.
"For too long, the technology behind cross-border payments has been opaque, slow and expensive, and PNC, as an innovative and forward-thinking institution, embodies the promise of emerging technologies such as blockchain," said Marcus Treacher, senior vice president of the success of Ripple's customers. "A lot of payment service providers have joined RippleNet recently, so it's nice to see one of the largest US banks."
PNC currently processes international payments through its corresponding network. PNC will continue to use this method, in addition to using the Ripple platform, Ward said.