PNC Financial Services Group, Inc. has gone live with RippleNet on August 29, becoming the first-ever American bank to process cross-border payments, reported FintechFutures. The bank inked the deal with RippleNet in September 2018 and announced that its Treasury Management Unit would be using Ripple’s current software solution to carry out cross-border transactions. According to Ripple’s announcement, it was an important step to get banks and other Financial Institutions to eventually use xRapid, which is Ripple’s liquidity product that uses XRP.
As the pioneer in using RippleNet services, PNC’s client will be able to receive cross-border payments instantly, “transforming the way they manage their global account receivables and allowing them to better manage their working capital. ”
Ripple has been making headway in making its technology reachable to not only the crypto community but also Financial Institutions and banks across the world. The recent partnership with MoneyGram reaped a growth in XRP/MXN volume, but according to Brad Garlinghouse, Ripple’s CEO, this partnership will have a “more consequential impact on the crypto markets than the Libra white paper.”