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.
Ripple previously separated its xCurrent and xRapid offerings, but now members of RippleNet can use just one service or both. For instance, remittance firm Ria became a member of the network earlier this year and likely only uses xCurrent. PNC and Santander both use xCurrent for payment processing.
RippleNet directly competes with SWIFT, which is a more conventional system and sees slower settlement times. The xCurrent payment messaging protocol is far more modern than SWIFT’s version. However, SWIFT is no stranger to blockchain technology, having completed a proof of concept and worked with R3.
Along with Ria, MoneyGram and Korean Coinone Transfer are members of RippleNet. The firm also expanded into Brazil in June, having already included Santander Brazil and payment platform BeeTech as customers.