Ripple Signs Top 10 US Bank to Use Blockchain Payment Tech
- PNC Treasury Management will use technology built by startup Ripple to process international payments.
A division of PNC Bank – a top ten lender in the United States with over $400 billion in assets – has officially joined RippleNet, which is similar to Swift, to tap its increasingly popular Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term solution for cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and settlement.
PNC Treasury Management will use technology built by startup Ripple to process international payments, the companies said on Friday, another strong indication to the use of blockchain in mainstream finance.
Ripple is developing several blockchain-based solutions that enable cross-border money transactions between banks in a faster and cheaper way than the current systems allow.
As noted by Ripple, PNC Bank serves over eight million customers and has retail branches in 19 states, which helps the third-largest cryptocurrency by market capitalization to enhance its position within the US banking sector. However, today’s agreement with the PNC Bank means things are shifting into a higher gear.
The value of Ripple’s cryptocurrency, however, has failed to react to the growing acceptance of products developed by the California-based blockchain specialist.
Big Guns embraces Blockchain
Ripple was in the news recently after it announced a $30 million investment in global money transfer company MoneyGram. The move is significant because the arrangement also involves a partnership to use of XRP, Ripple’s digital currency, as part of MoneyGram’s cross-border payment process.
MoneyGram was among major money transferrers that have been testing Ripple as well as XRP for payments. Western Union was also trying out Ripple’s blockchain-enabled cross-border payments, though the company’s executives said that they haven’t yet found a “silver bullet.”
That said, Ripple has become a looming rival for Swift after it has signed up more than 200 members, including such industry players as MoneyGram, PNC Bank, and many other global banks. In comparison, though, the banking cooperative’s services that went live some 40 years ago has its payment-messaging network used by more than 11,000 financial firms to transfer money worldwide.
A division of PNC Bank – a top ten lender in the United States with over $400 billion in assets – has officially joined RippleNet, which is similar to Swift, to tap its increasingly popular Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term solution for cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and settlement.
PNC Treasury Management will use technology built by startup Ripple to process international payments, the companies said on Friday, another strong indication to the use of blockchain in mainstream finance.
Ripple is developing several blockchain-based solutions that enable cross-border money transactions between banks in a faster and cheaper way than the current systems allow.
As noted by Ripple, PNC Bank serves over eight million customers and has retail branches in 19 states, which helps the third-largest cryptocurrency by market capitalization to enhance its position within the US banking sector. However, today’s agreement with the PNC Bank means things are shifting into a higher gear.
The value of Ripple’s cryptocurrency, however, has failed to react to the growing acceptance of products developed by the California-based blockchain specialist.
Big Guns embraces Blockchain
Ripple was in the news recently after it announced a $30 million investment in global money transfer company MoneyGram. The move is significant because the arrangement also involves a partnership to use of XRP, Ripple’s digital currency, as part of MoneyGram’s cross-border payment process.
MoneyGram was among major money transferrers that have been testing Ripple as well as XRP for payments. Western Union was also trying out Ripple’s blockchain-enabled cross-border payments, though the company’s executives said that they haven’t yet found a “silver bullet.”
That said, Ripple has become a looming rival for Swift after it has signed up more than 200 members, including such industry players as MoneyGram, PNC Bank, and many other global banks. In comparison, though, the banking cooperative’s services that went live some 40 years ago has its payment-messaging network used by more than 11,000 financial firms to transfer money worldwide.