Banking Behemoth PNC Begins Using RippleNet for Cross-Border Payments

PNC, the eighth-largest bank in the US has become the first financial institution in the country to adopt the services of RippleNet blockchain for cross-border payments. The bank which has close to $400 billion in assets will be using RippleNet’s blockchain-based payment solution to simplify the process of sending and receiving money for its commercial clients.

Fintech Futures reporting the news stated that the blockchain solution will give clients of PNC the ability to:

Receive payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.

PNC had earlier indicated its interest to use RippleNet’s liquidity product, xCurrent in September 2018. Although the price of XRP rose following the news then, the price of XRP has not reacted to the announcement this time around. As at press time, XRP has lost close to 6% along with other top cryptocurrencies.