PNC, a bank holding company & financial services corporation, is the latest and one of the largest US banks to join the Ripple blockchain for cross-border payments. Many banks have joined the league riding the crest of promising future possibilities of distributed ledgers for global payments. It is positively a big leap for the collaborative efforts by the enterprise blockchain network, RippleNet, to support cross-border payments. With over $380 billion in assets, Pittsburg-based PNC Financial Services Group has become the latest member to join a global payments network of over 100 institutions including banks, payment providers, remittance forwarders and operators among other financial institutions to enable near-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 largest bank by a number of branches and the 4th largest with the most ATMs in the United States. The bank services over 8 million customers in 19 states in areas including retail, consumer-ended banking and corporate banking. While retail services (including consumer and small business banking) is predominantly offered to clients in the eastern states, PNC offers corporate and institutional banking across the country.
Ripple said in its announcement:
“Ripple’s technology will have an immediate impact on each of those groups, enabling PNC’s commercial clients to receive payments from overseas banks in real time.”
As an example, a commercial client of a business transaction situated in Pennsylvania will be able to receive payments from a UK buyer against the invoices instantly, Ripple explained, enabling the client or business owner to benefit from managing their working capital and accounts receivable.
The addition of PNC is arguably Ripple’s biggest banking scoop for its flagship product, which notably doesn’t use the XRP token, a cryptocurrency developed by Ripple. xRapid, a separate Ripple product which uses XRP for real-time liquidity in international transactions has seen relatively fewer adopters compared to the 100 (+) member-strong RippleNet.
The chief executive of Ripple, Brad Garlinghouse has been affirming that dozens of banks & financial corporations will soon adopt XRP, by the end of 2019. On the same page, the chief regulatory relations in the countries of the Asia Pacific and the Middle East, Sagar Sarbhai is eager and enthusiastic about the buoyancy of wider commercial application for XRP based product & launch of the product live in production.
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