US-based PNC Treasury Management joins Ripple’s blockchain network

PNC Bank, a leading bank in the United States, has announced that PNC Treasury Management has joined RippleNet – Ripple’s enterprise blockchain network with over 100-member banks and financial institutions.

PNC is one of the top ten banks in the U.S. with over 8 million customers and retail branches in 19 states. Headquartered in Pittsburgh, Pennsylvania, the bank has a diverse set of customers, including consumers, small businesses and large corporates.

“As the global economy becomes increasingly digital, the need for real-time payments globally is critical,” said Chris Ward, executive vice president and head of product, PNC Treasury Management. “We are focused on providing our clients with capabilities that enable making secure digital payments in an instant, whether they are sent across the street or across the world.”

By joining RippleNet, the bank will leverage Ripple’s technology to enable its commercial clients to receive payments from overseas banks in real time. The technology will transform the way these clients manage their accounts receivable, allowing them to better manage their working capital.

For example, a commercial client in Pennsylvania receiving a payment from a UK buyer will be able to receive payments against their invoices instantly.

“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. RippleNet has also recently expanded its reach to over 40 countries and six continents,” Ripple said in an online post.

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.

“Quite a few payment providers have joined RippleNet recently, so it’s great to see one of the major U.S. banks come on board as well. We view that as a sign of a diverse, healthy and growing network,” said Marcus Treacher, SVP of Customer Success at Ripple.

[Update: Adds quotes from Ripple and PNC executives]