PNC Bank To Use RippleNet for Cross-Border Payments

PNC Bank To Use RippleNet for Cross-Border Payments

PNC Financial Services Group, Inc. finally went live with the blockchain payments platform RippleNet. By doing this, it became a first-ever American bank that decided to process cross-border payments just a year after they decided to adopt Ripple’s technology.

As one of the ten largest banks in the U.S., the inaugurating of PNC represents a big step for RippleNet. Existing business clients of the company will now be able to use the network in order to be presented with the international payments in the immediate time – all thanks to Ripple’s technology.

PNC had first revealed its plans to use RippleNet and xCurrent back in September 2018. At the time, the announcement caused the value of Ripple’s digital token XRP‘s worth to fall.

At the time of writing, XRP went down 5.02% to $0.252349. However, Ripple’s head of Global Institutional Markets, Breanne M. Madigan says that price is not the only parameter company insiders are eyeing.

She explained that some XRP data shows that while overall XRP trading volume was down nearly 65%, XRP/MXN volumes on, for example, Mexican crypto exchange Bitcoin went up more than 25% during the same period.

Madigan added that these data are a sign of a real use case driving real volume.