Bank Migrating to Ripple, PNC Dumps SWIFT Adopts xCurrent

Irving Hamilton
September 20, 2018

If this new solution is launched, the market positions of XRP will be definitely supported, and new investors will enter the scene.

Why has XRP taken off again?

"@PNCBank has joined the 100+ financial institutions on RippleNet".

"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", Sarbhai said in an interview earlier this week.

A series of announcements made by Ripple Labs lately suggest that the company is about to put its cryptocurrency based technology xRapid into commercial operation as early as the next month. Ripple's current product xCurrent is used by participating entities and will be a key stepping stone for current and future participants in the xRapid product.

The first of the Ripple announcements is one that confirms the full scale of RippleNet's worldwide expansion.

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Blockchain settlement startup, Ripple, has added PNC Financial Services Group to their list of clients utilizing their real-time cross border settlement systems in order to more efficiently process worldwide payments. Remitters and SMEs across the world, and particularly in emerging markets, are no longer hampered by an inefficient global payments infrastructure.

Ripple also recently announced that its RippleNet has reached 40 countries with a focus on expanding the global remittance market and improving SME payments. With offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg, Ripple has more than 100 customers around the world. "What's more, RippleNet's newest corridors have a combined potential market that totals over $2 Billion in inflows over the previous year". Countless of banks and other financial institutions have recognized its potential, partnering with it to enable a safe, easy and fast remittance corridor in a bid to satisfy their customers to the brim. The bank will connect to other financial institutions around the world through RippleNet, Ripple's enterprise blockchain network. The bank is the 5th largest bank by the number of branches with 2,459 and with 9,051 ATMs, ranks 4th.

Although Ripple is now the go-to company for blockchain-based settlement systems, they are facing growing competition from major corporations, including IBM, who recently unveiled their World Wire cross-border payment solution.

PNC Bank, simply known as PNC, is the latest global bank to join the Ripple Network as the bank announced they will make use of xCurrent, one of Ripple's products.

"A commercial client in Pennsylvania receiving a payment from a United Kingdom buyer will be able to receive payments against their invoices instantly, transforming the way they manage their accounts receivable and allowing them to better manage their working capital".

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