The U.S. PNC Bank Adopts Ripple’s xCurrent
September 20, 2018 12:49 pm
The San Francisco based technology company Ripple has partnered with the American banking giant PNC (PNC Financial Services Group, Inc). The PNC bank has joined the list of the growing number of financial institutions which uses Ripple’s products.
Asheesh Birla, Ripple’s senior vice president, stated that the bank’s Treasury Management division would start accepting cross-border payments. The transactions will take place using xCurrent which is one of Ripple’s products.
The bank has successfully held a pilot phase and a proof-of-concept for the payment rail. The bank has announced to use xCurrent in a production environment. As of now, the Treasury Management would be accepting only the inbound transactions using the product.
According to Mr. Birla, this partnership is not a test as his company only signs production clients. The production will be taken into production. There will be no pilot or proof-of-concept as it has already been achieved.
The Senior Vice President thinks that small companies signed onto RippleNet would have the advantages from banking with PNC as a result of the new integration. Mr. Birla included instant payment system is better than waiting for two to three days to complete the transactions.
Birla also hopes to help PNC bank with using Ripple’s xRapid platform as well. Once they are ready to discuss the emerging market, Ripple is going to introduce xRapid to PNC.
Mr. Birla included:
“We haven’t officially announced a timeline. I think we’re really excited about xRapid; I personally am really excited about how our customers in the pilot phase of xRapid like the experience.”