PNC Treasury Management became a member of RippleNet, a provider of enterprise blockchain solutions for payments. The membership will allow PNC’s commercial clients to receive real-time cross border payments via Ripple.
Leveraging Ripple, a commercial client in the U.S. receiving a payment from an overseas buyer will receive payments against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.
“For far too long, the technology underlying cross-border payments has been opaque, slow and costly. PNC, as an innovative and forward-thinking institution, understands the promise of emerging technologies like blockchain,” said Marcus Treacher, senior vice president of Customer Success at Ripple. “Quite a few payment providers have joined RippleNet recently, so it’s great to see one of the major U.S. banks come on board as well. We view that as a sign of a diverse, healthy and growing network.”
“As the global economy becomes increasingly digital, the need for real-time payments globally is critical,” said Chris Ward, executive vice president and head of Product, PNC Treasury Management. “We are focused on providing our clients with capabilities that enable making secure digital payments in an instant, whether they are sent across the street or across the world.”
Ripple provides one frictionless experience to send money globally using blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively.