Banking giant PNC is reportedly the first in the US to power international remittances using RippleNet.
The bank reported $4.3 billion in revenue in the first quarter of this year, with $385.9 billion in average total assets. It’s now using Ripple’s network of banks and financial institutions called RippleNet to move money across borders, reports Fintech Futures.
“As the first US bank to process these payments in real-time, PNC offers commercial clients in the US with 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.”
PNC first revealed its partnership with Ripple in September of 2018.
As the global economy becomes increasingly digital, the need for real-time payments globally is critical. We are focused on providing our clients with capabilities that enable making secure digital payments in an instant, whether they are sent across the street or across the world.”
PNC is likely using Ripple’s payment messaging system xCurrent to power cross-border transactions, with the XRP-powered xRapid still facing regulatory hurdles in the US.