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PNC Bank, the 9th largest bank in the United States by activity, has joined Ripple's RippleNet business network in what is a notable addition to the San Fintech Francisco.
With over $ 380 million in assets, PNC Financial Services Group based in Pittsburgh became the last member to be part of RippleNet, a global payments network of over 100 institutions including banks, service providers of payment, shippers and operators among other financial institutions to allow almost instant money transfers with on-demand liquidity and end-to-end tracking on a blockchain.
PNC Bank, simply known as PNC, is also the fifth bank by number of branches and 4 th most of the ATMs in the United States. Banking services for over 8 million customers in 19 states in sectors such as retail, consumer-ended banking and corporate banking. While retail services (including consumer and small business) are primarily offered to customers in the eastern states, PNC offers corporate and institutional banking services throughout the country.
Ripple said in his announcement:
"Ripple's technology will have an immediate impact on each of these groups, allowing PNC's commercial customers to receive payments from foreign banks in real time." [19659007] For example, a commercial customer of a commercial transaction located in Pennsylvania will be able to receive payments from a British buyer against invoices that were issued immediately, explained Ripple, allowing the client or business owner to take advantage from working capital management and loans.
The addition of PNC is undoubtedly Ripple's biggest banking scoop for its flagship product, which does not use the XRP token, a cryptocurrency developed by Ripple. xRapid, a separate Ripple product that uses XRP for real-time liquidity in international transactions has seen a relatively low number of adopters compared to the RippleNet (+) strong member of over 100 members.
While Western Union likes have followed the XRP-based product for money transfers, a broader commercial application for xRapid is only a month away, according to Ripple's chief regulatory relations in APAC and the Middle East Sagar Sarbhai.
"I am very confident that in the next month I will see some good news coming up where we will launch the product live in production," Sarbhai said in an interview at the start of this week. Ripple's managing director, Brad Garlinghouse, has previously stated that "dozens" of banks will use XRP by the end of 2019.
Featured image from Shutterstock.
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