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Massive potential for Cryptotechnologies in international payments revealed

The Information Paper by EBA Working Group on Cryptotechnology in International Payments is a comprehensive look at the challenges in international payments and how cryptotechnologies could improve the systems and services banks can offer. The main figures in the paper show the reasoning:

1. The opportunity

Source & Copyright©2017 - EBA and Lipis Advisors

2. Current challenges in international payment stakeholders

Source & Copyright©2017 - EBA and Lipis Advisors

3. Benefits of cryptotechnologies in international payments

Source & Copyright©2017 - EBA and Lipis Advisors

4. Use case: KYC registry / ID management

Source & Copyright©2017 - EBA and Lipis Advisors

5. Use case: low-value international payments

Conclusion

The paper oncludes that, “The high costs of international payments today are hindering banks’ ability to compete and meet end users’ expectations of speed, transparency, and service. Cryptotechnologies offer an opportunity for banks to drastically lower operating costs and modernise the international payments value chain while continuing to comply with various national regulations. The success of any cryptotechnology initiative will rely on industry collaboration between banks, regulators, and other parties in this ecosystem.”


CTMfile take: MAYBE.


This item appears in the following sections:
Payments - Making
Making International Payments
Making Urgent Payments

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