PNC Financial Services Group, the ninth largest U.S. banks by assets, began working with the network RipppleNet to conduct cross-border payments, according to Fintech Futures.
PNC becomes first Bank in the United States, which began to use the blockchain for processing international payments. Corporate clients of PNC will be able to perform fast cross-border transfers in real time.
PNC plans to use the payment network RippleNet became known in September 2018. Then it was reported that a subsidiary of PNC Financial Services — PNC Treasury Management — will use the technology xCurrent to accelerate cross-border operations of commercial Bank customers in the United States.
Earlier, the MoneyGram money transfer system began to use the technology xRapid from Ripple for cross-border payments.
The representatives of MoneyGram was not informed, in some countries it is used xRapid. The head of the company noted that the partnership with Ripple will help to improve the ability to move money around the world and MoneyGram can bring additional profit by reducing costs.
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