PNC Treasury Management has gone live with RippleNet, becoming the first US bank to process cross border payments for its client using the blockchain platform. RippleNet, which PNC joined in September of 2018, is Ripple’s growing, global network that allows financial institutions to process customers’ payments anywhere in the world instantly, reliably and cost-effectively.
As the first US bank to process these payments in real-time, PNC offers commercial clients in the US with the ability to receive a payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.
RippleNet provides a frictionless experience to send money globally using the power of blockchain within a secure, closed payment infrastructure.