PNC Bank Joins RippleNet

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PNC Bank Joins RippleNet

By Ryan Warner
September 19th, 2018

The United States ninth largest bank, PNC, has joined Ripple's enterprise blockchain network RippleNet.

PNC Financial Services Group is the latest addition to RippleNet with over $380 Billion in assets, and a global network in excess of 100 institutions including payment providers, bank, remittance forwards and operators with nearly instant money transfers, on-demand liquidity, and end-to-end banking via blockchain.

PNC Bank ranks as the fifth largest U.S. bank by branches and fourth largest in ATM's. PNC has a customer base of 8 million across 19 states including consumer and corporate banking as well as retail. 

Ripple stated in the announcement:

“Ripple’s technology will have an immediate impact on each of those groups, enabling PNC’s commercial clients to receive payments from overseas banks in real time.”

PNC is likely Ripple's largest addition so far to their flagship product, but which does not use the XRP token. 

Ripple's chief of regulatory relations in APAC and the Middle East Sagar Sarbhai, has stated that an xRapid development, which uses the XRP token, is only a month away.

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,” stated Sagar Sarbhai in an interview earlier this week.