PNC Bank is the name of the latest bank that joined the RippleNet enterprise blockchain network. This bank is everywhere in the blockchain news lately because of their move to join RippleNet, a global payments network of over 100 institutions that include banks, payment providers, remittance forwarders and operators who are offering instant money transfers with on-demand liquidity and end-to-end tracking on Ripple’s blockchain.
Simply known as PNC, the bank is also among the top ten largest banks in the United States – currently holding the 9th position with $380 billion in assets. The Pittsburgh-based bank is also the 4th largest with the most ATMs in the United States and the 5th largest bank by number of branches.
Servicing over 8 million customers in 19 states in areas including retail, consumer-ended banking and corporate banking, the giant is predominantly offered to clients in the eastern states.
Ripple also commented the latest partnership with PNC, officially stating:
“Ripple’s technology will have an immediate impact on each of those groups, enabling PNC’s commercial clients to receive payments from overseas banks in real time.”
The addition of PNC to the RippleNet platform is definitely one of the biggest advantages for Ripple, which notably doesn’t use the XRP token. Another wider commercial application for xRapid is only a month away, and the chief of regulatory relations at Ripple, Sagar Sarbhai, recently added:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
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