PNC Bank goes live with RippleNet for cross-border payments: Report

American banking giant PNC has become the first bank in the country to use Ripple’s blockchain network, RippleNet, for processing cross border payments, Fintech Futures reported.

PNC joined RippleNet in September 2018 to leverage Ripple’s blockchain technology to enable its clients to receive payments from overseas banks in real-time.

RippleNet is a global payments network that makes it easy to connect and transact across its robust network of 100+ banks and payment providers worldwide. The network’s members include the likes of BBVA, MoneyGram, Mizuho, Santander, and others.

PNC Treasury Management has now reportedly implemented the technology, allowing its U.S.-based commercial clients to instantly receive payments from overseas buyers against their invoices. The technology will help the clients transform the management of their global account receivables and better manage their working capital.

Previously in June, Ripple announced its strategic partnership with MoneyGram and revealed that it bought a 10% stake in the payments giant for $30 million, with an option to invest an additional $20 million within the next two years. The partnership would also involve MoneyGram using XRP via Ripple’s xRapid liquidity product.

Earlier this month, Brad Garlinghouse, the CEO of Ripple, told Yahoo Finance UK that the company was working on a number of potential investments and acquisitions following the deal with MoneyGram.

“We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage,” he said.

Garlinghouse also believes that the MoneyGram deal will have a more consequential impact on the crypto markets a year from now, compared to Facebook’s Libra white paper, Cointelegraph reported.

Meanwhile, some XRP holders are exasperated over Ripple selling the token to its clients and are even threatening to take over the network if company doesn’t stop. The company is also reportedly required to soon respond to a class-action lawsuit filed by XRP investor Bradley Sostack, who has alleged that Ripple sold XRP as unregistered security in violation of federal law, Cointelegraph reported.

In a series of tweets, Garlinghouse responded to these controversies:

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