RippleNet is all set to transform the world finance space as it expands its reach to over 40 countries and 6 continents. Additionally, the 9th largest US Bank, PNC with 8 million customers and 2,459 branches join other big names like American Express, Bank of America and SBI-led Japan bank consortium.
PNC joins RippleNet with its 8 million customer-base
Ripple has promised to its community that it will be adding more partnerships and by this year-end, a lot more banks and financial institutions will be actually using its products. RippleNet has already reached different corners of the world as it has “expanded its reach to over 40 countries and six continents.”
Now, yet another big name has been ticked off in its long list of partnerships. The 9th largest bank in the United States, PNC Bank has joined RippleNet as per the official announcement. PNC financial services group is a bank holding company that is based in Pittsburg. The bank has its retail branches in 19 states while having more than 8 million customers.
Catering to a diverse set of customers, it involves consumers, small businesses and large corporates. The bank is the 5th largest bank by the number of branches with 2,459 and with 9,051 ATMs, ranks 4th.
By joining RippleNet, PNC customers will be able to receive real-time cross-border payments. As stated by Ripple,
“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.”
Ripple illustrates the benefit of RippleNet to PNC with,
“Now, a commercial client in Pennsylvania receiving a payment from a UK 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.”
RippleNet storming the world finance market
RippleNet is basically a global payments network that “makes it easy to connect and transact across its robust network of 100+ banks and payment providers worldwide.”
The RippleNet network already has a number of big names in its bag such as American Express, Banco Santander, and the SBI led Japan bank consortium among others. With over 100 financial institutions part of this network RippleNet keeps on growing and adding value.
Last year, Ripple has announced,
“more than 100 financial institutions — across banks, payments providers and more — use the power of Ripple’s blockchain technology to provide a global payments experience that delivers instant, certain, low-cost global payments to their customers.”
By using RippleNet, the members get the opportunity to expand into the growing remittance markets and streamline global settlements. As put by Ripple, “the addition of a top U.S. bank like PNC on RippleNet fuels the network’s positive momentum.” As RippleNet continue to add more names and grow, it is creating a strong presence in the global financial space.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.