Ripple Platform and banking can create profitable business relationships. For example, a commercial client from a business transaction located in Pennsylvania will be able to receive direct payments by buyers from the UK, Ripple sow, allowing consumers or business owners to benefit from managing their working capital and debt.
It is said that PNC Bank, the 9th largest bank in the United States based on assets, has joined the Ripple blockchain network, RippleNet, which is an important addition to San Francisco-based fintech.
With more than $ 380 billion in assets, PNC Financial Services Group, based in Pittsburg, has become the newest member to join RippleNet, a global payment network of more than 100 institutions including banks, payment providers, remittance suppliers and operators among other financial institutions to allows almost instant money transfers with on-demand liquidity and end-to-end tracking on blockchain.
PNC Bank, commonly known as PNC, is also the fifth largest bank with branches and the 4th largest with the most ATMs in the United States. Bank services have more than 8 million customers in 19 states in various fields including retail, end consumer banking, and corporate banking. Although retail services (including consumer banking and small businesses) are mostly offered to clients in the eastern states, PNC offers corporate and institutional banking throughout the country.
The addition of PNC is arguably the largest banking facility for Ripple for its flagship product, which primarily does not use XRP tokens, a cryptocurrency developed by Ripple. xRapid, separate Ripple products that use XRP for real-time liquidity in international transactions have seen relatively fewer users compared to RippleNet’s 100 (+) strong members.
While people like Western Union have followed XRP-based products for money transfers, a wider commercial application for xRapid is only a month away, according to the head of Ripple’s regulatory relations at APAC and the Middle East.
“I am very confident that in the next month or so you will see good news coming where we launch real products in production,” Sarbhai said in an interview earlier this week. Ripple chief executive Brad Garlinghouse previously claimed that “dozens” of banks would use XRP by the end of 2019.