Ripple’s Array of Top Partners Expands as Major US Bank Joins RippleNet

PNC Bank - a top ten lender in the United States with over $6.0 billion in deposits - has officially joined RippleNet to tap its increasingly popular Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term solution for cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and settlement, according to an announcement from the Ripple team.

Ripple is developing several blockchain-based solutions that enable cross-border money transactions between banks in a faster and cheaper way than the current systems allow.

As noted by Ripple, PNC Bank serves over eight million customers and has retail branches in 19 states, which helps the third largest cryptocurrency by market capitalization to enhance its position within the US banking sector. However, Wednesday’s agreement with the PNC Bank means things are shifting into a higher gear. ‎

Although Ripple is regularly grouped with other cryptocurrencies, its purpose is different ‎as it also operates a ‎decentralized payment settlement solution for banks and financial institutions that is fast and ‎scalable.‎ Because its xRapid solution has a much shorter transaction time, there have been major companies testing the product such as Western Union and Moneygram, but none have committed to it fully.

The value of Ripple’s cryptocurrency, however, has failed to react to the growing acceptance of products developed by the California-based blockchain specialist.

Earlier in May, Ripple revealed some results from the first pilot for xRapid. The company said financial institutions using the service paid between 40 and 70 percent less than they usually pay traditional foreign exchange providers for the same service. Also, transactions with xRapid took mere minutes, while the average cross-border transfer using traditional means takes 2-3 days.

According to the company statement, “the addition of a top U.S. bank like PNC on RippleNet fuels the network’s positive momentum. RippleNet has grown to more than 100 financial institutions and continues to expand steadily each month. RippleNet has also recently expanded its reach to over 40 countries and six continents.”