One of the largest banks of America, PNC, introduced the system of instant cross-border transfers on the basis of the service xCurrent from Ripple. This was announced by Ashish Birla (Asheesh Birla), first Vice-President of the production Department Ripple.
PNC has been among the top-10 US banks by total assets in us dollars. The organization has successfully conducted the testing and proof of concept (Proof-of-concept, PoC) xCurrent on payments for railway service. Soon the Bank will start to use the service in the work, but through a system of xCurrent will only process incoming payments.
“I think the most important thing this is not a test. Ripple just signed an agreement with industrial customers, and they take this product in production. And it’s not a pilot, and not a test of the concept — everything is already done. Clients use it for an actual transaction,” said Birla.
The Vice President also believes that most of the modernization work of the PNC will benefit small business in America. Apparently, these customers the Bank already has, however, Narayan did not give any details about it according to the requirements of confidentiality.
Recall that in the next month Ripple intends to launch another product for cross — border transfers- xRapid. Unlike xCurrent platform uses payment processing tokens XRP. Birla expressed the hope that the banks will also pay attention on xRapid in the future will implement the service in workflows.
“The idea of cooperation with PNC is that the Bank has received several new channels for calculations using xCurrent… And when they are ready to talk about emerging markets we imagine they xRapid,” added Birla.
In addition, the Vice President said that among the clients of the company represented financial institutions from 40 countries on six continents, and the list continues to grow with the opening of payment corridors on the basis of payment solutions Ripple. So, in early September, the service TransferGo, specializing in cross-border remittances, payment opened a corridor to India for technologies that use tokens XRP.