# PNC Bank goes live with RippleNet for cross-border payments: Report By Shampa Mani Canonical URL: https://www.tokenpost.com/news/technology/3219 Published: 2019-08-29T10:42:47.000Z Updated: 2019-08-29T10:43:56.000Z Section: Technology > American banking giant PNC has become the first bank in the country to use Ripple’s blockchain network, RippleNet, for processing cross border payments, Fintech Futures reported. American banking giant PNC has become the first bank in the country to use Ripple’s blockchain network, RippleNet, for processing cross border payments, [Fintech Futures]() reported. PNC [joined RippleNet in September 2018]() to leverage Ripple’s blockchain technology to enable its clients to receive payments from overseas banks in real-time. [RippleNet]() is a global payments network that makes it easy to connect and transact across its robust network of 100+ banks and payment providers worldwide. The network’s members include the likes of BBVA, MoneyGram, Mizuho, Santander, and others. PNC Treasury Management has now reportedly implemented the technology, allowing its U.S.-based commercial clients to instantly receive payments from overseas buyers against their invoices. The technology will help the clients transform the management of their global account receivables and better manage their working capital. Previously in June, Ripple [announced]() its strategic partnership with MoneyGram and revealed that it bought a 10% stake in the payments giant for $30 million, with an option to invest an additional $20 million within the next two years. The partnership would also involve MoneyGram using XRP via Ripple’s xRapid liquidity product. Earlier this month, Brad Garlinghouse, the CEO of Ripple, told [Yahoo Finance UK]() that the company was working on a number of potential investments and acquisitions following the deal with MoneyGram. “We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage,” he said. Garlinghouse also believes that the MoneyGram deal will have a more consequential impact on the crypto markets a year from now, compared to Facebook’s Libra white paper, Cointelegraph reported. Meanwhile, some XRP holders are exasperated over Ripple selling the token to its clients and are even [threatening]() to [take]() over the network if company doesn’t stop. The company is also reportedly required to soon respond to a class-action lawsuit filed by XRP investor Bradley Sostack, who has alleged that Ripple sold XRP as unregistered security in violation of federal law, [Cointelegraph]() reported. In a series of tweets, Garlinghouse responded to these controversies: I'm always struck by the questionable sources (i'm being generous here) spreading FUD about [#XRP]() and [@Ripple](). Even more so over the last few weeks (Ripple's XRP sales, litigation etc).... thus, I feel compelled to comment — Brad Garlinghouse (@bgarlinghouse) [August 27, 2019]() 1/ As a defendant in the class action lawsuit, I won't get into the details (response from Ripple is coming soon). I will say: SEC guidance isn't issued by the Commission and isn't law, rule or regulation. It's clear XRP is not a security and the UK and others have said as much. — Brad Garlinghouse (@bgarlinghouse) [August 27, 2019]() 2/ XRP sales are about helping expand XRP's utility - building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH. — Brad Garlinghouse (@bgarlinghouse) [August 27, 2019]() G M T Y Detect languageAfrikaansAlbanianAmharicArabicArmenianAzerbaijaniBasqueBelarusianBengaliBosnianBulgarianCatalanCebuanoChichewaChinese (Simplified)Chinese (Traditional)CorsicanCroatianCzechDanishDutchEnglishEsperantoEstonianFilipinoFinnishFrenchFrisianGalicianGeorgianGermanGreekGujaratiHaitian CreoleHausaHawaiianHebrewHindiHmongHungarianIcelandicIgboIndonesianIrishItalianJapaneseJavaneseKannadaKazakhKhmerKoreanKurdishKyrgyzLaoLatinLatvianLithuanianLuxembourgishMacedonianMalagasyMalayMalayalamMalteseMaoriMarathiMongolianMyanmar (Burmese)NepaliNorwegianPashtoPersianPolishPortuguesePunjabiRomanianRussianSamoanScots GaelicSerbianSesothoShonaSindhiSinhalaSlovakSlovenianSomaliSpanishSundaneseSwahiliSwedishTajikTamilTeluguThaiTurkishUkrainianUrduUzbekVietnameseWelshXhosaYiddishYorubaZulu AfrikaansAlbanianAmharicArabicArmenianAzerbaijaniBasqueBelarusianBengaliBosnianBulgarianCatalanCebuanoChichewaChinese (Simplified)Chinese (Traditional)CorsicanCroatianCzechDanishDutchEnglishEsperantoEstonianFilipinoFinnishFrenchFrisianGalicianGeorgianGermanGreekGujaratiHaitian CreoleHausaHawaiianHebrewHindiHmongHungarianIcelandicIgboIndonesianIrishItalianJapaneseJavaneseKannadaKazakhKhmerKoreanKurdishKyrgyzLaoLatinLatvianLithuanianLuxembourgishMacedonianMalagasyMalayMalayalamMalteseMaoriMarathiMongolianMyanmar (Burmese)NepaliNorwegianPashtoPersianPolishPortuguesePunjabiRomanianRussianSamoanScots GaelicSerbianSesothoShonaSindhiSinhalaSlovakSlovenianSomaliSpanishSundaneseSwahiliSwedishTajikTamilTeluguThaiTurkishUkrainianUrduUzbekVietnameseWelshXhosaYiddishYorubaZulu Text-to-speech function is limited to 200 characters Options : History : Feedback : [Donate]() Close [TokenPost]() | info@tokenpost.com ## Links in this article - [Fintech Futures](https://www.fintechfutures.com/2019/08/pnc-becomes-first-us-bank-on-ripplenet/) - [joined RippleNet in September 2018](https://tokenpost.com/US-based-PNC-Bank-joins-Ripples-blockchain-network-405) - [RippleNet](https://ripple.com/ripplenet/) - [announced](https://tokenpost.com/Ripple-to-invest-50M-to-MoneyGram-to-boost-XRP-adoption-in-new-strategic-partnership-2260) - [Yahoo Finance UK](https://uk.finance.yahoo.com/news/ripple-brad-garlinghouse-multiple-deals-moneygram-050000149.html?guce_referrer=aHR0cHM6Ly91ay5maW5hbmNlLnlhaG9vLmNvbS8&guce_referrer_sig=AQAAADEbeOtXJwBvuwnEt5lIgoY2gpON7plIHAsFHPxMddSYV9VICqgHlA8E0QQwW03R8XHmNLo6wiTo8v5Ie) - [threatening](https://twitter.com/Crypto_Bitlord/status/1165929052353388550) - [take](https://twitter.com/Crypto_Bitlord/status/1166634238130700289) - [Cointelegraph](https://cointelegraph.com/news/us-banking-giant-pnc-starts-using-ripplenet-for-cross-border-payments) - [#XRP](https://twitter.com/hashtag/XRP?src=hash&ref_src=twsrc%5Etfw) - [@Ripple](https://twitter.com/Ripple?ref_src=twsrc%5Etfw) - [August 27, 2019](https://twitter.com/bgarlinghouse/status/1166455842238943232?ref_src=twsrc%5Etfw) - [August 27, 2019](https://twitter.com/bgarlinghouse/status/1166455842868060161?ref_src=twsrc%5Etfw) - [August 27, 2019](https://twitter.com/bgarlinghouse/status/1166455843530797056?ref_src=twsrc%5Etfw) - [Donate](https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=GD9D8CPW8HFA2) - [TokenPost](https://www.tokenpost.com)