Ripple Welcomes PNC Bank into RippleNet
Ripple has announced a new addition to its growing RippleNet payment facilitation platform. According to a blog post on the official Ripple website dated September 19, 2018, PNC Bank, a top ten bank in the United States has joined RippleNet, and will now be able to give its customers access to Ripple’s services including sending and receiving instantaneous cross-border payments.
What’s in it for PNC?
By gaining access to Ripple’s ultra-fast cross-border payment system, PNC Bank will be able to avail its customers of cheap and high-speed international payments which cost exponentially less than alternative money transfer methods and use on average only three seconds to confirm a transaction. This makes RippleNet effectively a global real-time payments platform, which gives it unique utility to one of America’s largest banks.
PNC bank currently has more than eight million customers around the United States, with a network of retail branches spread out across 19 states servicing individuals, small businesses and large corporates. Each of these groups will find the ability to receive payments in real time very useful, and this helps PNC retain and grow its customer base.
Using the RippleNet framework, interacting businesses across the Atlantic will be able to receive payments to settle invoices instantaneously, which will dramatically transform how organizations manage their books. This, in turn, will lead to marked increases in efficiency by allowing them to better manage their working capital.
Growing Stature of RippleNet
PNC Bank joins an impressive retinue of the world’s largest financial institutions currently on RippleNet’s list of customers. Some of these institutions include American Express, Banco Santander and the Japan Bank Consortium led by SBI Group.
BTCManager has reported extensively on the growing popularity of RippleNet among financial institutions around the world. In May, it was reported that the South Korean crypto exchange Coinone partnered with RippleNet to ease the handling of remittances out of South Korea.
BTCManager also reported in August that the State Bank of India (SBI), the country’s institutional banking authority with 23 percent market share and an employee base approaching 300,000 is set to start facilitating instantaneous cross-border payment solutions with Ripple.
Earlier in May 2018, Kuwait Finance House (KFH), the first commercial bank in the State of Kuwait established in 1977, announced that it has begun testing Ripple’s blockchain protocol to settle instantaneous global payments and remittances in a decentralized manner. These and more serve as proof that Ripple intends to keep chasing its goal of revolutionizing the cross-border payments space.
An excerpt from Ripple’s announcement of PNC Bank’s addition to RippleNet reads:
“The addition of a top U.S. bank like PNC on RippleNet fuels the network’s positive momentum. RippleNet has grown to more than 100 financial institutions and continues to expand steadily each month. RippleNet has also recently expanded its reach to over 40 countries and six continents.”