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US giant PNC begins using Ripple Net for cross-border payments

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PNC, one of the largest US banks in the United States with approximately $ 400 billion in assets under management, was the first bank in the country to use Ripple Net for cross-border payments.

According to Fintech Futures, PNC Treasury Management already provides its customers with cross-border payments through Ripple Net. The banking institution announced its plans to use Ripple Net, in particular the xCurrent product in September last year. At that time, this news provoked an increase in the Ripple rate; at present, however, the event did not affect the altcoin performance in any way.

This week, Brin Madigan, Head of Institutional Markets at Ripple, drew attention to the fact that Ripple is actively being introduced into the daily life of society. She noted that the cooperation of Ripple with MoneyGram is paying off – the trading volume of XRP / MXN on the Bitso crypto exchange has grown by 25%.

The partnership of Ripple with MoneyGram became known in June. Under the agreement, the parties agreed that Ripple will purchase from 8% to 10% of MoneyGram shares, that is, it will invest about $ 30 million.

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