PNC Treasury Management, part of PNC Financial Services is adopting Ripple’s technology for cross-border payments. PNC is one of the ten largest banks in the US. The announcement means PNC customers will be able to receive real-time cross-border payments.
PNC is now one of several banks using Ripple as an alternative to SWIFT. Though at the Blockchain Expo earlier this year, SWIFT argued its remittances are also instant or nearly so. SWIFT claimed that perceived delays are because recipient banks sometimes sit on incoming money before allocating the funds to the customer’s account.
Nonetheless, Ripple asserts it offers lower costs and fewer liquidity requirements.
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