Us banking giant uses xcurrent from Ripple

[Paha87]

                                             

The American banking giant PNC has joined a growing number of financial institutions using payment products from the blockchain startup Ripple.

The Bank's Treasury Department will begin accepting cross-border transactions using the xCurrent platform, as reported by Ripple's senior Vice President Ashish Birla.

One of the 10 largest banks by assets in the US, PNC, has already successfully completed the pilot phase and will now use xCurrent in a production environment. At this point, the Bank's Treasury Department will only accept incoming transactions using the Ripple product.

Birla commented,"I think it's important that it's not a test."

Ripple's Vice President believes that small businesses in the US that have signed up to use RippleNet-a generic term for several of the company's payment networks — will particularly benefit from banking via PNC. Birla said:

These are instant payments, not two or three days of waiting without access to capital.

Apparently, PNC already have customers, which will be conducted through xCurrent, while Birla could not provide any information about these firms.

xRapid too?
While the Bank will start by using xCurrent, Birla hopes to eventually help them get started with the xrapid platform; he said:

With PNC, the idea is to get a few corridors on xCurrent. When they are ready, we can start talking about emerging markets and introduce xRapid.

More broadly, Ripple announced on Wednesday that it now has customers in 40 countries across six different continents, opening new payment corridors in parts of East and Southeast Asia, Africa, Europe and South America.

Link to information resource - https://altstake.io/news/bankovskiy-gigantskiy-izsshaispolyzuet-xcurrent-ot-ripple