In the recent tie-up, a division of PNC Bank, one of the top ten lenders in the United States has officially joined RippleNet. They have assets worth $400 billion with them. RippleNet is a technology built by Ripple, which is similar to Swift.
PNC Treasury Management will be using the technology developed by Ripple to help in processing international payments. This indicates that the companies are eager to use blockchain systems in the mainstream finance business.
Ripple has been continuously working on developing several blockchain-based solutions that will help the banks to take care of cross-border money transactions in a faster and cheaper way.
PNC Bank serves over 8 million people in the U.S., with its retail branches in 19 different states. This helps the third-largest cryptocurrency to boost their user base as well, and the agreement between PNC and Ripple will bring greater things in the future.
Recently, Ripple decided to invest 30 million in the money transfer company, MoneyGram. This move was made as part of the deal, MoneyGram also chose to list XRP as one of the payment methods across borders.
MoneyGram is among major money transferrers, and they have been testing Ripple and XRP for payments. Western Union has been using Ripple’s blockchain-enabled cross-border payments method. Ripple is on the path of growth, and it is becoming a looming rival for Swift.
Association with industry firms like MoneyGram, PNC Bank, and many other global banks, Ripple is working it’s way up in the charts to become the superior service providers.
