U.S.-based PNC Bank has perhaps become the first American bank to start using Ripple's enterprise blockchain network RippleNet for faster and secure processing of inward real-time cross-border remittances for its commercial clients of PNC Treasury Management, according to report in FintechFutures.
PNC, the ninth largest U.S. bank by assets, had joined the RippleNet network in September 2018. It will use RippleNet's blockchain-based settlement solution, xCurrent, which allows settlements in fiat currency. It will also provide end-to-end tracking of the entire cross-border payments transaction between RippleNet members on blockchain.
RippleNet will enable PNC's commercial clients in the U.S. to receive a payment from an overseas buyer against their invoices instantly instead of waiting two to three days.
xCurrent is also expected to help PNC reduce the costs and fees for clients as well as average time associated with remittance payments.
Other than PNC Bank, some of the world's leading banks on the Ripple network include Bank of America, American Express, Credit Agricole, Mizuho Financial Group, UBS, RBC, UniCredit S.p.A., Standard Chartered, Westpac, BMO, Santander and SBI-led Japan bank consortium.
In early January, RippleNet surpassed the 200 customers mark globally after 13 new financial institutions signed up for the payments network.
RippleNet is a single entity that is formed of a network of banks that execute transactions via Ripple's distributed blockchain technology. It has recently expanded its reach to over 40 countries and 6 continents.
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