Top US Banks With 8 Million Customers Joins Ripple’s blockchain network RippleNet
Ripple, announced on Wednesday that PNC Treasury Management, a subsidiary of US-based PNC Financial Services Group, has become part of the RippleNet network. PNC customers will be able to receive real-time cross-border payments.
With over $380 billion in assets, PNC Bank has become the latest member to join RippleNet. RippleNet is a decentralized network of banks and payment providers, which uses Ripple’s financial technology to provide a smoother way to send money globally, with on-demand liquidity and end-to-end tracking on a blockchain.
Ripple said in its announcement:
“Ripple’s technology will have an immediate impact on each of those groups, enabling PNC’s commercial clients to receive payments from overseas banks in real time.”
PNC Bank, simply known as PNC, is also the fifth largest bank by the number of branches and the 4th largest with the most ATMs in the United States. The bank services over 8 million customers in 19 states in areas including retail, consumer-ended banking and corporate banking.
By joining RippleNet, the bank will leverage Ripple’s technology to enable its commercial clients to receive payments from overseas banks in real time. The technology will transform the way these clients manage their accounts receivable, allowing them to better manage their working capital.
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.
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