Ripple announced on September 19 that the top ten PNC banks in the US will use Ripple Net to process international payments for their clients.
PNC Bank’s Financial management department will use Ripple’s blockchain solution xCurrent to speed up overseas transactions held by U.S. business customers, Reuters reported.
Ripple stressed that xCurrent would allow PNC commercial customers to make immediate payments through invoices, thereby altering their methods of managing accounts and working capital.
Asheesh Birla, senior vice president of product management at Ripple, believes that the use of xCurrent in banking is the first step in adopting other ripple products
For example, the Xrapid solution will be available within a few months. “It’s a way for banks to enter. “Birla told Reuters.
While some ripple employees are sceptical about the use of xcurrent in cross-border payments, the news has emerged.
As Cointelegraph reported in June, Ripple’s chief cipher, David Schwartz, says banks are unlikely to deploy the technology because of the low scalability and privacy issues.
PNC Bank, one of the top ten banks in the United States, has 8 million customers and retail affiliates in 19 U.S. states, before joining the global financial institutions that work with ripple.
At the end of 2017, American Express had announced that it was creating a ripple-driven application for business-to-money payments between U.S. corporate customers and Santander UK customers.
In late March, a Bank of Japan consortium said it would release the ripple-based real-time domestic payments mobile application “Moneytap”.
In April this year, Cointelegraph reported that Santander, a Spanish-based bank, had launched the blockchain payment network one pay FX on Ripple, which reportedly became the first international bank to launch such services.