Major US bank PNC joins RippleNet

19 Sep, 2018
by David Robb
News
Major US bank PNC joins RippleNet

PNC has become the latest major financial institution to embrace Ripple's blockchain technology. The companies announced today that PNC Treasury Management will be making use of Ripple's xCurrent system.

xCurrent is designed to speed up larger transactions, particularly cross-border payments. PNC will be using it to process the payments of invoices from overseas buyers to its U.S-based business clients.

While the xCurrent system is not itself a distributed ledger, it uses "bi-directional messaging" that helps to plug banks into blockchain systems. There are now over 100 different financial institutions using xCurrent or Ripple's RippleNet network, including Santander and American Express.

In a relatively big week for Ripple, the company also partnered up with the National Commercial Bank of Saudi Arabia, and the price of the XRP token shot up as a company exec indicated that the launch of the company's xRapid project was only a month or so away.

Read more: Ripple's xRapid to go live "in the next month or so"Ripple gets access to 5.4 million customers through partnership with Saudi Arabia

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Read more about: Ripple (XRP)

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