Ten US banks PNC use XRP for international payments
XRP, the third largest cryptocurrency by market capitalization, which for yesterday was twice up in price, got another passing stream of positive news in the form of adoption of a major US Bank. PNC, which operates in nineteen States and has control over 2400 branches, has announced a partnership with Ripple, which will involve the technology of the manufacturer for cross-border and international payments.
First reported by Reuters on Wednesday, a giant financial services company announced its intention to use xCurrent for global payments, thereby accelerating and reducing the cost of foreign transactions made by customers from the USA. Ripple, the parent company behind XRP, which attempted to distance itself from the cryptocurrency, in order to promote decentralization, has developed a new program. Unlike banks using XRP directly for payments and remittances, a process that Ripple himself claimed, is still at some distance from the event, PNC will work on the platform xCurrent, a distributed register-based Protocol, which should save costs and significantly reduce the time of transactions.
Ashish Birla (Asheesh Birla), senior Vice President of product management in Ripple, said in an interview that although the company hopes to use xRapid in the future (and thereby obtain coins XRP directly involved in the global money transfer), the current passed through the stepping xCurrent.
Birla also continued to explain that xRapid and the use of XRP for liquidity in the global payments is a process that focuses on emerging markets, not the United States. Earlier this year, Ripple suggested that the currency XRP was possible 50% market share in India, and the coin was a popular choice for digital payments and sending money abroad. The company also stressed its intention to focus on Brazil and similar emerging markets as a way to stimulate the growth of XRP and xRapid outside of financial institutions of the United States and wall street.
Although the current XRP investors may be disappointed by the lack of currency in connection with PNC news, Birla believes that more companies and banks for making xCurrent is a step in the right direction for possible use XRP: “It’s a way [for banks] to get in the water “with the main goal to be” like you [the banks] use xRapid, who is our product of liquidity.”
PNC is among the ten largest banking institutions in the United States, covering over 8 million customers in 19 States, working in over 2,400 offices. Partnership with xCurrent allows PNC to provide broader services to clients abroad, and those who are engaged in the delivery and receipt of money at the international level. Compared to existing methods currency transactions across borders, which may take up to 2-3 days during treatment, the Protocol xCurrent have to work in less than five minutes, however the fee is also significantly reduced.