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On October 20, 2019, Mastercard introduced a new payment option for enterprises to pay for goods and services called “Payment on Delivery”.
To do this, the company entered into a partnership with a partner of Ripple Inc., PNC Bank. However, partners use the RTP network from The Clearing House.
The first company to use the new option is Rutherford & Associates alcohol distributor. The new feature allows the supplier to improve the settlement process and eliminate any risks associated with the transfer or storage of cash or checks.
As Chris Ward, Executive Vice President and Head of Products and Operations notes, PNC Bank is pleased with this partnership, as it will help expand the possibilities of settlements in real-time. And this is an advantage over other banks-competitors.
Mastercard Track takes place in the Payment on Delivery system, through which users can send “payment requests”, which are processed immediately. At the moment, the payment giant is aimed at the expansion of the United States.
Ripple Will Benefit From The Mastercard Deal
Ripple will benefit from the Mastercard business, as the strengthening of the company’s position is not only due to its own partnerships. The moves of other organizations also have a positive effect on the development of Ripple. In the blockchain industry, everything is quite interconnected.
Therefore, the partnership between Mastercard and PNC Bank could lead to good results directly for Brad Garlinghouse company. The emphasis on the benefits of this has been repeatedly done by representatives of Ripple and various experts.
However, the new Mastercard deal for the Ripple ecosystem is just as important. Of course, we will not immediately see the effect, but it will certainly come.
On the other hand, it can be noted that the participation of such giants as Mastercard cannot pass without a trace. Ripple, in turn, is now a significant player in the industry.
And despite the fact that there is no direct connection between Mastercard and Ripple, this deal will indeed have a positive value – on Ripple XRP. The fact is that in this way financial institutions will gain even more understanding in terms of the fact that they need blockchain innovations, including Ripple XRP.
Partnership between Ripple And PNC Bank
Recall in September 2018, one of the largest US banks in terms of assets, PNC Bank, started using a payment solution for cross-border transfers called xCurrent from Ripple.
As the pilot was successful, PNC provided a new solution to its customers. That time Ripple SVP Asheesh Birla said that the new partnership would be beneficial for other partners of the company. Therefore, as we see everything is interconnected over in crypto space and the traditional finance sphere.