Leading blockchain startup Ripple has announced that U.S. regional bank PNC Financial Services Group (PNC) will be joining RippleNet, a decentralized global network of banks and payment providers using Ripple’s distributed financial technology.
.@PNCBank has joined the 100+ financial institutions on RippleNet. It’s one of the first major U.S. banks to use #blockchain tech to streamline payments into and out of the country. https://t.co/nckQaup9vZ
— Ripple (@Ripple) September 19, 2018
According to the announcement, PNC will be joining a number of leading financial institutions, including Banco Santander and American Express on the RippleNet. PNC will be using the xCurrent system, which leverages blockchain technology to improve transfers but does not utilize Ripple’s cryptocurrency, XRP.
Ripple described the benefits PNC clients will receive after the bank joins the network, saying, “a commercial client in Pennsylvania receiving a payment from a U.K. buyer will be able to receive payments against their invoices instantly, transforming the way they manage their accounts receivable and allowing them to better manage their working capital.”
The news comes just days after Ripple’s Middle East and Asia-Pacific sectors, Sagar Sarbhai, hinted that the firm was witnessing significant progress with its xRapid product and should be released in the coming months. Ripple’s xRapid utilizes XRP by creating a “bridge” between cryptocurrencies, which will allow payment providers and banks to process cross-border transactions at a quicker rate.
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