Global credit card giant Mastercard has announced a major partnership with PNC Bank who is using and developing RippleNet software for their client’s needs.
The new partners intend to develop Payment on Delivery, a trial system that allows businesses to pay suppliers in real-time for goods received.
PNC has been at the forefront of real-time payments, and we are pleased to be able to extend request-for-payment capabilities across the real-time payment rails. Through this program, together we can bring speed and transparency to these critical business payments
Chris Ward – Exec. VP PNC Bank
The system could revolutionize the way businesses pay each other, every year they are hit with fees that hit profits, sometimes waiting months to receive payments.
Leveraging the RTP network its users can gain instant access to funds and allows suppliers access to detailed information about all transactions.
PNC Bank announced its Ripple partnership in September this year and later confirmed trials of xCurrent.
Companies using xCurrent such as Santander and MoneyGram were quick to make the switch to XRP over the xRapid system after seeing the savings and potential.
The safety of our customers is very important for us, and we thrive on providing added value through technology. Many of our customers have been asking for this, so we’re excited to be working with Mastercard and PNC Bank on a cutting-edge solution that meets real customer pain points like ensuring the safety of delivery drivers while improving reconciliation
Rutherford & Associates – Wine & Spirits Distribution
Mastercard will offer POD to industries with complex needs and/or vast distribution networks where ease and speed of payment allow for more liquid ecosystems.
Let’s be clear no specific mention of RippleNet in the press release but we think this is the next of a line of huge names about to be associated with Ripple and XRP.