US banking giant PNC goes live on RippleNet

PNC becomes the first bank to start using the RippleNet blockchain payment network in the United States.

PNC is ranked 8th on the list of largest banks in the U.S., according to Business Insider.

The banking giant is based in Pittsburgh, Pennsylvania, and operates in 19 states and the District of Columbia with 2,459 branches and 9,051 ATMs serving more than 8 million customers.

It was first reported by Reuters back in September 2018 that a division of PNC Financial Services Group Inc. will use technology built by Ripple-specifically, Ripple's liquidity product xCurrent-to process international payments.

Now, PNC Treasury Management is live on the RippleNet network offering its commercial clients instant, reliable, and cost-efficient cross-border payment solutions, as reported by Fintech Futures.

" the ability to receive a 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.

By adopting the technology PNC will be able to reduce fees and waiting times in cross-border payments giving it a hedge against competitors.

Ripple has been making significant progress broadening the adoption of its technology.

Ripple was able to secure a partnership with MoneyGram earlier this year for cross-border payment and foreign exchange settlement.

The integration of XRapid helps MoneyGram send money from one currency and get it instantly settled in the destination's currency.