SAN FRANCISCO & PITTSBURGH--(BUSINESS WIRE)--Ripple, provider of the leading enterprise blockchain solutions for payments, and PNC Bank announced today that PNC Treasury Management is now a member of RippleNet. PNC’s commercial clients soon will be able to receive real-time cross border payments via Ripple.
Leveraging Ripple, a commercial client in the U.S. receiving a payment from an overseas buyer will receive payments against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.
“For far too long, the technology underlying cross-border payments has been opaque, slow and costly. PNC, as an innovative and forward-thinking institution, understands the promise of emerging technologies like blockchain,” said Marcus Treacher, SVP of Customer Success at Ripple. “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.”
“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.”
The PNC Financial Services Group, Inc. (NYSE: PNC) is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.