PNC joins Ripple blockchain network for cross-border payments
PNC Treasury Management, a division of US-based PNC Bank, is to join the Ripple network for processing cross-border payments the companies said on Wednesday.
The company will use Ripple xCurrent system to increase the speed by which its clients are paid by overseas buyers, Ripple said.
Ripple announced on its website on Wednesday that PNC Bank had joined its RippleNet network to enable PNC customers to receive real-time cross-border payments.
“With more than 8 million customers and retail branches in 19 states, PNC has a diverse set of customers, including consumers, small businesses and large corporates,” Ripple said.
It added: “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.”
PNC joins more than 100 financial institutions across around 40 countries on the RippleNet network, including leading firms Banco Santander, American Express, Credit Agricole and Currencies Direct.