Ripple, the company behind the third largest cryptocurrency, announced on Wednesday that PNC Treasury Management, a subsidiary of US-based PNC Financial Services Group, became part of the RippleNet network. PNC Treasury Management plans to use Ripple’s xCurrent technology to speed-up international payments. Thus, PNC’s business clients will be able to get cross-border payments in real-time thanks to Ripple’s system.
Marcus Treacher, Ripple’s senior vice president of customer success, commented:
“For far too long, the technology underlying cross-border payments has been opaque, slow and costly. PNC, as an innovative and forward-thinking institution, understands the promise of emerging technologies like blockchain.”
“Quite a few payment providers have joined RippleNet recently, so it’s great to see one of the major U.S. banks come on board as well. We view that as a sign of a diverse, healthy and growing network,” he added.
By using xCurrent, a PNC business client in the US will receive instant payments from overseas buyers based on their invoices. This will allow PNC to handle its working capital and better manage its account receivables.
Even though many people call xCurrent a blockchain technology, David Schwartz, Ripple’s chief cryptographer, said that it was something different and it might not even fall under the umbrella term of distributed ledger technology (DLT). Instead, xCurrent uses a so-called immutable “interledger protocol,” which allows the instant settlement feature.
Nevertheless, Ripple’s technology has been trialed and implemented by several banking giants, including Santander.
In a separate announcement released on Wednesday, Ripple said that its RippleNet is now used in over 40 countries and six continents. This was achieved as new payment corridors showed up in Europe, North America, Asia, South America, and Africa.
This week, Ripple’s XRP was the only cryptocurrency in the top ten to demonstrate a 10% increase. The coin is trading $0.32 as at 17:35 UTC, while on Tuesday it was fluctuating at around $0.27.