Financial Giant PNC To User Ripple’s xCurrent Solution To Manage Treasury

Cryptocurrency company Ripple and a division of PNC Financial Services Group Inc. have signed an agreement that would see the financial company makes use of Ripple’s technology in processing international payments.

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Cryptocurrency company Ripple and a division of PNC Financial Services Group Inc. have signed an agreement that would see the financial company makes use of Ripple’s technology in processing international payments.

The announcement was made by the two companies on September 19.

xCurrent to be used by PNC

The unit of PNC that would make use of Ripple’s xCurrent technology is Treasury Management. The division would make use of this technology to increase the speed at which investors in the U.S get paid invoices by overseas buyers.

This latest development is another milestone by Ripple which has been making moves to ensure that it becomes a powerhouse in the remittance and cross-border payment industry.

PNC is currently the 10th largest bank in the U.S, with more than 8 million customers and branches in several states across the country.

Senior vice president for product management of Ripple, Asheesh Birla, while commenting on this latest development stated that Ripple and its xCurrent solution is the first step towards cryptocurrency adoption in the banking sector.

The adoption of this solution will also pave the way for the implementation of other solutions such as xRapid which Ripple is expected to launch over the next few months.

Banks all over the globe have been turning to blockchain technology as they are hopeful that it would help them streamline some of the most cumbersome and dated transaction processes.

Despite the possibilities, only a few blockchains have been deployed in the payment sector and Ripple’s technology has been at the heart of adoption in this industry.

PNC is not the only bank to have tested or deployed the xCurrent, which utilizes bi-directional messaging.

While the technology behind xCurrent is not in itself blockchain, it has the potential to plug into distributed ledgers, allowing easy implementation of blockchain technology into the banks’ workflow later.

Ripple’s Chief Technology Officer David Schwartz stated three months ago that it is highly unlikely that banks and other financial institutions would make use of the blockchain technology at the moment.

Ripple’s xCurrent technology is an interesting option for them now, serving to bridge the gap in adoption.

This news comes as a boost for Ripple as some experts in the crypto industry have started to become skeptical about xCurrent and its use for cross-border payment.

Ripple continues to grow its remittance partners

Ripple has been one of the leading cryptocurrencies in terms of adoption despite the bear market.

The company which is looking to overcome SWIFT and becomes the leading remittance company in the world has been taking massive strides towards achieving that.

Over the past one month, Ripple has partnered with three major financial institutions. It signed an agreement with London-based TransferGo which would see the company make use of Ripple’s transfer solutions.

This move would enable same day and almost immediate movement of funds from Europe to India.

Ripple also partnered with Saudi Arabia’s NBC, the second largest bank in the Middle East.

NBC will make use of RippleNet by the last quarter of this year and would result in its customers experiencing much faster and more transparent international payment services.

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