You read that title right! The 8th largest bank in the United States has officially announced that they are using RippleNet for Cross Border payments.
PNC Financial Services Group, Inc. (stylized as PNC) is a bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 19 states and the District of Columbia with 2,459 branches and 9,051 ATMs. The company also provides financial services such as asset management, wealth management, estate planning, loan servicing, and information processing.
PNC is ranked 9th on the list of largest banks in the United States by assets. It is the 5th largest bank by a number of branches, 6th largest by deposits, and 4th largest in the number of ATMs.
September 19th, 2018, is when we first learned about PNC joining RipplNet when Ripple posted an article on Ripple Insights titled “PNC Bank Embraces Blockchain and Joins RippleNet” PNC has more than 8 million customers and over $400 billion in assets. PNC treasure management is now offering RippleNet based cross border payment solutions to its commercial clients.
“The ability to receive a payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.”
But wait, we aren’t done yet. PNC owns 22% of Blackrock. Blackrock is the largest asset management firm in the world by assets under management. This ownership interest had a market value of $17.9 billion as of December 31, 2017. BlackRock has $6.5 trillion in assets under management.
Who is BlackRock, INC? American global investment management corporation based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world’s largest asset manager with $6.84 trillion in assets under management as of June 2019. BlackRock operates globally with 70 offices in 30 countries and clients in 100 countries. Due to its power and the sheer size and scope of its financial assets and activities, BlackRock has been called the world’s largest shadow bank.