Ripple, the enterprise blockchain solution for global payments and PNC Bank, one of the largest diversified financial services institutions in the U.S. announced today that PNC Treasury Management is now a member of RippleNet. PNC’s commercial clients soon will be able to receive real-time cross-border payments via Ripple.
Leveraging Ripple, a commercial client in the U.S. receiving a payment from an overseas buyer will receive payments against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.
“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.”
“As the global economy becomes increasingly digital, the need for real-time payments globally is critical. We are focused on providing our clients with capabilities that enable making secure digital payments in an instant, whether they are sent across the street or across the world.”
Ripple also announced a milestone earlier today stating that RippleNet is now live in over 40 countries across six continents. New payment corridors have recently opened up in North America, Asia, Africa, Europe, and South America.