Ripple recently announced a loud news about teaming up with U.S.’s top ten bank, PNC. According to the recent announcement, the new partnership will focus on the commercial customers of PNC Bank who will soon be able to enjoy real-time cross-border payments.
The original message by the company which was posted on the official Twitter page stated: “PNC Bank has joined the 100 + financial institutions on RippleNet. It’s one of the first major U.S. banks to use blockchain tech to streamline payments into and out of the country”.
According to the information the major bank’s customers “would be able to receive real-time cross-border payments. This is a result of its addition to Ripple’s network of banks around the globe which is called RippleNet”.
PNC Bank is a leading financial institution in the U.S. which reportedly had revenue of $16.32 billion last year. The number of customers of the bank is reported to exceed 8 million. The bank has branches in 19 states with more than 9000 ATMs across the country.
Interestingly, as reported by the field experts, the stock of the bank has visibly surged after the recent announcement was made by Ripple.
Earlier it was reported that Ripple also made a partnership with the National Commercial Bank in Saudi Arabia. The earlier partnership aims at creating an important payments corridor between the US and Gulf Countries.
In addition, there is an important development for the company to look forward to which is the expected launch of their new product called xRapid. This is promised to be a very important tool in bringing company’s secure and improved services to financial institutions. As reported earlier, the launch of the new product has been promised to take place in the following 1 or 2 months.