Connect with us

Ripple

Ripple moves into Wall Street with PNC Bank partnership; real-time cross border payments for top 10 bank

Anirudh VK

Published

on

Ripple moves into Wall Street with PNC Bank partnership; real-time cross border payments for top 10 bank
Source: Unsplash

Ripple announced today that they have partnered with PNC Bank, one of the top ten banks in the United States of America. They also stated that this partnership will be focused towards commercial customers of PNC Bank.

The FinTech company stated that the bank’s customers will be able to receive real-time cross-border payments. This is as a result of it being added to Ripple’s network of banks around the world known as RippleNet.

PNC is one of the biggest banks in the country, pulling in a revenue of $16.32 billion last year. They serve over 8 million customers and have branches in 19 states with over 9000 ATMs. They also provide financial services in addition to their banking services.

Notably, the price of the bank’s stock went up after the announcement was made by Ripple. At the time of writing this article, the stock is trading at $141.90 and has gone up by 1.4%.

PNC's 5-day price graph | Source: Google

PNC’s 5-day price graph | Source: Google

Ripple has been making strides towards pushing the adoption of their products. Recently, they also partnered with the National Commercial Bank in Saudi Arabia, thus opening up an important payments corridor between the US and Gulf Countries.

The use of the term “real-time payments” seems to imply that this partnership is utilizing xCurrent, as xRapid “settles” in real time. Moreover, Ripple’s tweet stated that the bank was using “blockchain” technology:

“@PNCBank has joined the 100+ financial institutions on RippleNet. It’s one of the first major U.S. banks to use #blockchain tech to streamline payments into and out of the country.”

Ripple is also gearing up for the launch of its xRapid product, which will utilize XRP to move money across borders. The digital asset will be used as a bridge currency in order to facilitate the transfer of value from one currency to another. It is slated to launch within the next month, as said by Sagar Sarbhai, the Head of Government & Regulatory Relations, APAC & Middle East at Ripple. He stated in a recent interview:



“I am very confident that in the next one month or so you will see some good news coming in where we launch the product [xRapid] live in production.”

On the move, Ripple stated:

“The addition of a top U.S. bank like PNC on RippleNet fuels the network’s positive momentum. RippleNet has grown to more than 100 financial institutions and continues to expand steadily each month.”

Prominent crypto-influencer and XRP enthusiast, Dr. T stated:

“Forget the xCurrent, xRapid, xVia trichotomy. Reboot. @PNCBank have corporate customers who making cross-border payments. Efficient domestic rails are crucial for one seamless experience. #Convergence Watch, appreciate the significance of a Top 10 American bank joining RippleNet.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Ripple

Ripple executive elected to United States Faster Payment Council’s Board of Directors

Sarvesh Kumar

Published

on

Pat Thelen: Elected by U.S Faster Payments Council as one of their directors, a Bane for XRP?
Source: PixabaY

Pat Thelen, Ripple’s VP of Strategic Accounts, has been recently appointed as one of U.S Faster Payment Council’s (FPC) directors. He was also among the first elected board members of the Council. The list of the selected members was out on Monday and Thelen was chosen from a list of people in the larger technological sector industry. Thelen will be serving a one year term.

The appointment of the directors, including Thelen, was met with a lot of positive reaction online. This enthusiasm was shared by the Council itself, whose Executive Director and interim board Chairman, Kevin Christensen, said

“The new board represents the industry’s inclusiveness which is an integral part of the organization.”

FPC is leading the way for presenting avenues for faster payment methods. Hence, Thelen and other representatives on the Council are expected to take greater initiative in fulfilling the Council’s objectives. Ripple was created for a similar goal, with XRP born to do transactions at a faster speed than what Bitcoin, or any other present-day payment settlement system, is doing.



With Pat Thelen becoming a part of the FPC, many doors and opportunities are now open to Ripple, XRP and companies in the field of making global payment settlement more secure, quicker and more accessible for a diverse set of consumers. With CEO Brad Garlinghouse claiming that he did not expect banks and governments to be “obliterated by new technologies,” Ripple’s work within the FPC may accelerate its goal to reduce the friction in global commerce.

With Ripple now as a part of FPC, it has also opened doors for other cryptocurrencies as well. The FPC is a newly-formed organization, one that aims to provide a platform for Americans to do transactions in a safe, instant and cost-effective manner.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending