The treasury management unit of PNC Bank is joining RippleNet, the firm said on Wednesday (Sept. 19).
PNC Treasury Management joined the Ripple cross-border payments network that uses blockchain to facilitate global transactions. As members of the network, corporate customers of PNC Treasury Management will be able to receive cross-border payments, the FI said, adding that the solution can help them receive payments against their invoices more quickly for streamlined accounts receivable.
Payments sent from across borders can be received in real time via RippleNet, the firms noted, providing a boost to corporate payees’ cash flows.
“For far too long, the technology underlying cross-border payments has been opaque, slow and costly,” said Ripple SVP of Customer Success Marcus Treacher in a statement. “PNC, as an innovative and forward-thinking institution, understands the promise of emerging technologies like blockchain.”
In another statement, PNC Treasury Management Executive Vice President and Head of Product Chris Ward said the demand for real-time payments across the globe is “critical” as the economy digitizes.
Last month, PNC Treasury Management linked its corporate clients to real-time payments via The Clearing House’s Real-Time Payments (RTP) network. At the time, PNC’s Ward noted that in addition to accelerated transactions, The Clearing House’s RTP network supports transacting at any time of day and on any day of the year.
Corporate customers access the RTP network via PNC’s PINACLE online and mobile banking portal, or through API and file transmission, the bank said.
“The speed of doing business continues to accelerate, and the efficiencies of RTP allow our clients to not only keep pace, but stay ahead,” said Ward.
Corporates are increasingly interested in digitizing their payables, according to new data from PYMNTS in the “B2B Payments Tipping Point” playbook, part of a collaboration with Mastercard. In a survey, 61 percent of companies told PYMNTS and Mastercard that real-time payments would improve their payroll operations specifically.