US Bank PNC to use Ripple for International Payments
America's Financial Giant PNC is to make use of RippleNet technology to speed up the international payment transactions for its customers. Ripple announced this news in its recently published press release.
In the Treasury Management unit, PNC is planning to use Ripple's blockchain technology xCurrent to speed up the international transactions of the commercial US customers of PNC.
"one of the top ten US banks with 8 million customers and retail branches in 19 states, has already partnered with other international institutions who have tie-ups with Ripple"
Ripple says that the xCurrent platform will help PNC business clients to receive payments against their invoices promptly, thereby, helping them manage both their accounts and working capital.
Senior Vice President of Product Management, Asheesh Birla commented that banks using xCurrent product will pave the way for other product adoptions like xRapid - which is going to be launched soon in the market.
One surprising fact is that even Ripple employees are not sure about using xCurrent for cross-border payments. Cointelegraph's June report states that banks are unlikely to use Ripple in their system because of low scalability and privacy problems. This statement was made by Ripple's chief cryptographer David Schwartz. Even after all of this, PNC is going ahead with implementing RippleNet's xCurrent in its system for international payments.
a Japanese bank stated that it will release a local payments app named "MoneyTap"
It is to be noted that PNC, one of the top ten US banks with 8 million customers and retail branches in 19 states, has already partnered with other international institutions who have tie-ups with Ripple.
For instance, American Express in 2017, announced that they are creating a Ripple-powered app for facilitating payments between US and UK customers. Also in recent March, a Japanese bank stated that it will release a local payments app named "MoneyTap".
Later in April, the Spanish bank Santander became the first international bank to adopt blockchain technology by launching the first Ripple-powered blockchain network One Pay FX.