PNC, which is among the ten largest U.S. banks, will use RippleNet for handling international payments for their customers.
According to Reuters, a division of PNC Treasury Management – will use xCurrent for the accelerated processing of international transactions by commercial customers from the USA.
Ripple emphasizes that xCurrent will allow business customers to PNC instantly withdraw and Deposit funds into the account, and it can dramatically change their approach to managing accounts and working capital.
Senior Vice President, product at Ripple, Ashish Birla believes that the use of xCurrent in the banking sector is the first step towards the introduction of other products Ripple, such as the decision xRapid, which will be launched in a few months.
This is a great way [for banks] to test these mechanisms.
It should be noted that some Ripple employees are skeptical about the use of xCurrent in the field of international payments. In July, Ripple chief cryptographer David Schwartz said that banks are unlikely to implement the technology because of the low scalability and privacy issues.
PNC is among the ten largest banks in the U.S. with 8 million customers and branches in 19 States.
Recall that at the end of the 2017 American Express announced that creates an app that supports Ripple for B2B payments between corporate customers and the US customers of the British unit of Banco Santander. And in March, a consortium of Japanese banks said that it will release a mobile application for instant internal payments “MoneyTap” on the basis of the Ripple.