This Banking Giant Just Partnered with Ripple

21 Septembre, 2018, 06:31 | Auteur: Auguste Feret

Now that it has joined Ripple, expectations that the fintech company will impact the bank positively are high. They also stated that this partnership will be focused towards commercial customers of PNC Bank.

Summing it up, the Ripple firm has diligently and meticulously carried out its expansion efforts by bringing in banks and remittance service providers under the one umbrella of RippleNet.

PNC is one of the biggest banks in the country, pulling in a revenue of $16.32 billion previous year.

Although Ripple has more than 120 banks and financial institutions signed on to trial and/or use xCurrent, they still have some high-profile clients trialing their xRapid system. The bank services over 8 million customers in 19 states in areas including retail, consumer-ended banking and corporate banking.

Notably, the price of the bank's stock went up after the announcement was made by Ripple. An incredible increase in value that makes it trade at $0.32 at the time of writing this piece. Though the Ripple serves the goal of cross-border transactions for the banking system, however, its adoption was impossible because the banks cited capital requirements and regulatory uncertainty which makes holding the asset impossible.

Few days back, Today's Gazette announced that the National Commercial Bank of Saudi Arabia (NCB) joined the RippleNet.

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Sarabhai described the product as a bridge between currencies, that enhance faster cross-border transactions of payment platforms and financial institutions.

Building on the news of the launch of Ripple's cryptocurrency product, PNC Bank - one of the 10 largest banks in the U.S. - announced that it has joined RippleNet to facilitate cross-border payments for its customers using Ripple's xCurrent product.

Ripple's plan to release the xRapid system was hinted on Monday by Sagar Sarabhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple.

"I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production", Sarbhai said in an interview earlier this week.

PNC Treasury Management will use xCurrent, a system developed by Ripple, to speed up the way its US business clients get paid invoices by overseas buyers, Ripple said. "RippleNet has grown to more than 100 financial institutions and continues to expand steadily each month". Ripple's current product xCurrent is used by participating entities and will be a key stepping stone for current and future participants in the xRapid product.

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