Today it was
revealed that PNC Treasury Management is live on blockchain payments platform RippleNet. This makes PNC the first US bank to do so, almost a year after
it first adopted Ripple’s technology.
As one of the ten largest banks in the country, the launch of PNC is a big step for RippleNet. Commercial clients of the bank can now use the network to receive international payments almost instantly, thanks to Ripple’s technology.
The firm applies blockchain to cross border payments, with its network aiming to reduce fees and waiting times. RippleNet has two main functions. First is its messaging system, using the xCurrent payment protocol. Secondly, is its blockchain-based token, XRP, which allows for fast transfers with the
xRapid solution.
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