The bank will begin accepting cross-border transactions using the firm’s xCurrent product, Ripple’s senior vice president, Asheesh Birla, told the press yesterday.
One of the top 10 largest banks in the U.S., PNC has already successfully concluded a pilot phase and proof-of-concept for the payment rail and will immediately begin using xCurrent in a production environment.
Birla said: “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.”
While the bank will start by using xCurrent, Birla hopes to help them begin working with Ripple’s xRapid platform as well, he said. “With PNC, the idea is to get a few corridors lit up with xCurrent…When they’re ready to start talking about emerging markets, we’ll introduce them to xRapid. We’re working to get them started with xCurrent so it’s not a completely new feature to move to xRapid,” he detailed.
