A United States bank has adopted Ripple’s xCurrent for aiding better services for real-time cross-border payments. This will give the bank’s clients a better service with the blockchain technology.
PNC’s Adoption of Ripple’s xCurrent
Ripple’s official Twitter handle revealed recently that the financial institution joins over one hundred banks on the Ripplenet. The tweet further noted that the financial institution is one of the first major U.S. banks to use the blockchain tech to streamline payment in and out of the country.
PNC’s partnership with the Ripple network will be through the xCurrent, a framework of Ripple that will accelerate the way U.S. business customers get paid by the overseas buyers.
PNC is one of the top ten biggest banks in the United States by resources. Also, the financial institution has concluded a pilot phase and the proof-of-concept for the payment rail. The firm will start to use the Ripple’s xCurrent in the production phase.
Ashish Birla, Ripple’s Senior Vice President, noted on the partnership that the important thing is not the test, but the production client which the financial institution is taking into production. Birla further pointed out that the pilot phase and the proof-of-concept phases are already completed, and the firm is already committed to transactions with other customers.
Also, Birla stated that the PNC bank will not be utilizing XRP or xRapid, to make payments for now. Noting that banks will not be the first adopter of the xRapid, but it is aimed towards emerging market than the United States.
xRapid is a Ripplenet project towards using Ripple as a bridge for cross-border transactions and payment, though it is yet to be launched.
Meanwhile, ahead of the extensive use of xRapid, Birla noted that getting banks to use xCurrent is the first step towards usage of other products. And the next phase would be how to get banks to use xRapid, Ripple liquidity product.
Ripplenet has seen a considerable growth of recent in its widespread use and partnership with financial institutions. Presently, the firm has over 120 banks in the world, partnering with the Ripple blockchain for conducting real-time cross-border payment transactions.
Purposely to wield off the dominance of SWIFT remittance payment all over the world, Ripple blockchain tech has moved into Asia, and the middle east to have access to the significant market of the global remittance payments.