PNC Bank Joins RippleNet for Cross-Border Payments

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.

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.

XRP currently boasts a $14.7 billion market cap, making it the 3rd largest cryptocurrency in the AltDex 100 Index (ALT100).

More: PNC Bank Embraces Blockchain and Joins RippleNet
Similar:¬†Ripple (XRP) Expects Its Commercial App to Launch ‚Äėin the Next Month or So‚Äô

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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