PNC Bank has made an announcements that it has joined the Ripple Network. As a result of this, their customers will now have access to real-time cross-border payments solutions.
PCN has about 2,481 branches all over the world. In the US alone, the bank serves about 8 million customers, in 19 states. With them joining the Ripple Net, the bank’s diverse set of customers will have the opportunity of getting their overseas funds deposited into their PNC bank accounts instantly.
This way business owners and people with family abroad will have no time wasted when it comes to getting paid for their goods and services or receiving a monetary gift. For their commercial clients, this gives room for business expansion and also helps to increase their service delivery speed.
Marcus Treacher, SVP of Customer Success at Ripple said “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,”
Chris Ward executive vice president and head of product, PNC Treasury Management, said, “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 the world.”
PNC Bank is not alone in the race to provide instant cross-border payments solutions. The bank will be joining a league of other top financial institutions who have registered on the network. Banks like Banco Santander, American Express, Bank of America, Credit Agricole, Mizuho Financial Group, UniCredit S.p.A., Standard Chartered, Westpac, and BMO are few to name.
With PNC being a top 10 U.S financial institution, they are likely to add more influence to the network, thus prompting more banks to consider the option of joining the Ripple Net.