PNC Bank, one of the largest banks in the U.S, has become the latest conventional financial institution to join RippleNet, Ripple’s proprietary blockchain network.
8 million customers
Currently boasting more than 8 million customers and with its presence established across 19 states, this partnership should enable PNC’s large customer base to send and receive real-time payments across borders.
.@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
xCurrent vs xRapid
With this move, PNC now joins over 100 other financial institutions that have partnered with Ripple’s to use its xCurrent product. The xCurrent product sets itself apart from the rest Ripple offers as it offers traditional banks that have been hesitant to embrace cryptocurrencies to use a cross-border payment solution that doesn’t use XRP, Ripple’s cryptocurrency, unlike the xRapid platform.
Marcus Treacher, Ripple’s SVP for customer success was quick to note the benefits expected:
For far too long, the technology underlying cross-border payments has been opaque, slow and costly. PNC, as an innovative and forward-thinking institution, understands the promise of emerging technologies like blockchain…Quite a few payment providers have joined RippleNet recently, so it’s great to see one of the major U.S. banks come on board as well. We view that as a sign of a diverse, healthy and growing network.
PNC is known to cater for a wide variety of clients, offering consumer, retail, and even corporate banking options. With xCurrent, for instance, it will now be much easier for clients in Pennsylvania to receive payments from buyers around the world, including the UK. Apart from PNC as its biggest client, RippleNet also boasts of other notable clients like Banco, SBI, Santander, and American Express.
Pilot phase over
In a recent interview with CoinDesk, Asheesh Birla, the Senior Vice President at Ripple noted that PNC was happy testing the pilot phase of xCurrent. This means the bank will start using xCurrent right away in a production environment. For a start, though, the banks will only accept inbound transactions.
xCurrent comes just at the right time when banks had been crippled by delay issues in terms of cross-border payments, thus holding up capital. Birla is however hoping that these banks do not just stop at xCurrent. As such, he believes that by using this product, this will eventually lead them to warming up to its other offerings like xRapid and XRP.