PNC Bank, the 9th largest bank of United States has joined RippleNet, the enterprise network of Ripple to tap the blockchain solution for cross-border payments and settlements. Now the customers of PNC Bank will be able to receive cross-border payments in real time.
PNC Bank is ranked as the 9th largest bank in the United States by assets and 6th largest by deposit has become the latest member to join RippleNet. Ripple has developed several blockchain based solutions which enable cross-border monetary transaction in a faster and cheaper way than the current payment system. Over 100 institution including banks, remittance forwarders, payment providers, and other financial institutions from all over the world have already joined RippleNet to enable instant money transfer and end to end tracking on the blockchain. According to RippleNet the addition of one of the top ten banks of United States like PNC will fuel the network’s positive momentum. RippleNet is continually growing and reached to over 40 countries of six continents.
Ripple is also working on developing new products, in the next month Ripple is going to launch its new XRP-based product, xRapid for money transfer. Ripple’s chief of regulatory relations in the Middle East and APAC, Sagar Sarabhai said that next month the company is going to launch its new product. According to the chief executive officer of Ripple, Brad Garlinghouse by the end of 2019 dozens of banks and financial institutions will start to use XRP based products for money transfer. In May, the company revealed the results of the first pilot project of XRapid. According to the results, the institutions which are using xRapid are saving between 40 and 70% on service charges. xRapid transactions are much faster than traditional cross-border transactions. xRapid cross-border transfer takes minutes while traditional transactions take 2-3 days.
Such fast services of Ripple will help the PNC Bank to receiver cross-border payments in real-time. PNC is the biggest banking client of Ripple which is ranked 5th by a number of branches and 4th largest by number of ATMs. The bank serves over 8 million customers in 19 states in areas of retail, corporate, and consumer ended banking.