8th Largest US Bank Goes Live with RippleNet

PNC Treasury Management has started using the RippleNet for cross-border payments.

Fintech Futures reported on August 29 that PNC has become the first US bank to process cross border payments in real time.

PNC is the eighth largest bank in the US by holding $392 billion in assets under management. The bank piloted credit card with verification values this year that refresh from time to time, an attempt to combat frauds.

With this partnership, the bank can now offer its commercial clients in the US the ability to receive payment from overseas buyers instantly, allowing them to better manage their working capital.

PNC first joined RippleNet in September 2018. At that time, Chris Ward, executive vice president and head of product, PNC Treasury Management said,

“As the global economy becomes increasingly digital, the need for real-time payments globally is critical,”

as such, their focus is to enable their clients to make secure digital payments in an instant.

Ripple’s RippleNet is a global payments network that connects and transacts across a network of more than 200 banks and payment providers worldwide.

MUFG Bank, Santander, MoneyGram, Standard Chartered, Axis Bank, and SABB are some of the names associated with Ripple.