One of the biggest american bank, PNC, has now official partner of Ripple and it is now a user of Xcurrent technology on the RippleNet.
When implementing cross border payments and remittances using crypto solutions, financial institutions should consider using stable coins. Such coins end the volatile nature of the market. With a good platform, such as XRP, mainstream adoption of cryptocurrency solutions is made easier. In this article, you are going to learn about a few things that have been going within Ripple.
Ripple's xCurrent greatly improves and facilitates daily banking tasks.
Recently, a crypto news website reported that PNC - the eighth-largest bank in the united states, has become the first in the country to begin using xCurrent. xCurrent is a payment solution that can operate across borders. A while back, the same site also reported that Santander – a Spanish bank, was looking into the option of using Ripples’ xCurrent. Since Aug. 29, the PNC bank has begun offering RippleNet-based payment solutions such as xCurrent to its commercial clients. Currently, Financial institutions such as banks and lending services are faced with a long and complicated process when conducting international transactions. These processes have to go through foreign exchanges and clearing houses if two parties are using different currencies. The costs are not the only thing incurred by the two parties. Time is also a factor – with international transactions taking one or more days to clear. However, Ripple has stated that its xCurrent platform has an end to end tracking and it's primarily designed for cross-border payments. If financial institutions continue embracing this platform, they will benefit greatly.
Since RippleNet transactions use XRP to bridge one currency to another, Ripplenet's solutions are helpful to institutions conducting international payments. How? By not discriminating between fiat currency and cryptocurrencies. XRP seeks to bring about quick liquidity. By assuming the role of a bridge, XRP can buy the equivalent amount of cryptocurrency and send the funds within 3 seconds. By using this system, institutions can save costs brought about by using the United States dollar - and other third-party solutions as a bridge, in the payment. Ripple has claimed that institutions and participants using xCurrent have been able to save as much as 40% in comparison to xRapid. xRapid takes more time to process funds, with 4 minutes being the reported amount. Finally, Ripple has published a quarterly report that has revealed that the company has seen a 48% quarter to quarter increase in XRP sales.
Most Ripple XRP news are good and this top 10 cryptocurrency continued gaining 0.9% on Sunday. Previously having gained 3.76% rise from Saturday. It ended the week up 2.28% to $0.26296. With the low prices of ripple XRP, long term investors still have time on their side to enter the market. With big financial institutions such as PNC adopting the xCurrent platform, other banks will see the benefit of Ripple and continue to embrace the solutions provided.