PNC Financial Services Group, Inc. has become the first-ever American bank to process cross-border payments. It will use the global payment network of RippleNet.

PNC is the eighth-largest U.S. bank, with around $392.84 billion in total assets. The bank boasts over eight million customers. The customers use banks’ various deposit, lending, credit card, cash management, and investment services, and retail branches in 19 states.

Ripple’s technology will have an immediate impact on each of those groups. This is because it will enable PNC’s commercial clients to receive payments from overseas banks in real-time. The clients will be able to receive payments instantly. Also, it will change the way they manage their accounts receivable and allowing them to better manage their working capital. The plan was to use Ripple’s xCurrent product in production as soon as possible, as per the source.

RippleNet has been making news by making its technology reachable to not only the crypto community. It has also reached out to Financial Institutions and banks across the world. For the first time, Chile’s financial entity “Currency Bird” has signed a partnership deal with Ripple in July. With this, Currency Bird has joined the list of significant players that are already employing Ripple’s product across their payment services.