Included in the top ten largest US banks by volume of assets, PNC began to use a payment solution for cross-border transfers called xCurrent from Ripple. CoinDesk was informed about this by vice-president Ripple Asheesh Birla.
PNC has successfully completed the pilot phase of testing the system and even provided it with services to several clients. At this stage, the bank will receive only incoming transactions through xCurrent.
Asheesh Birla believes that this step of PNC will bring benefits to other participants of the partner network RippleNet.
He added that xCurrent allows you to make instant transfers, unlike traditional systems that provide a temporary lock to capital at the time of the transaction.
“I think the important thing is this is not a test. Ripple only signs production clients, so they are taking this product into production. There’s no pilot, there’s no proof-of-concept – that’s already been done. They’ve committed to [transactions] with other customers.”
According to Asheesh Birla, xCurrent is a smooth transition to another solution of the company – xRapid. Vice President Ripple confirmed that a full-scale launch of the product could take place next month.
Recently, Ripple announced that it has opened new payment corridors in 40 countries, in particular in East and South-East Asia, Africa, Europe and South America.