PNC, among the top-10 largest U.S. banks in terms of assets, entered into an agreement with Ripple on the use of a payment solution for cross-border transfers called xCurrent, Ripple's senior VP, Asheesh Birla, told in the interview to CoinDesk. According to him, the initial stage of technology testing was successfully completed; the first customers from San Francisco were able to use the service. However, for some time the bank will receive only incoming transactions through xCurrent.
Birla did not exclude the possibility of the later move from xCurrent to another application of the company - xRapid. Earlier this month, the head of government and regulatory relations of APAC and Middle East at Ripple, Sagar Sarbhai, said that Ripple has made significant progress with its xRapid product. The blockchain startup will be launched next month. xRapid should speed up banking transactions using the XRP cryptocurrency.
WHY IS IT IMPORTANT?
- Ashish Birla is confident that cooperation with PNC will bring benefits to other participants of the RippleNet, as xCurrent allows instant transfers, compared to traditional systems that provide the temporary freeze of capital at the time of the transaction.
- Currently, the average market price of XRP rose to $0.39, thus the token went up by 20% over the past day.
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