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France’s Central Bank Latest To Ponder A Digital Currency

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The First Deputy Governor of the central bank of France, Denis Beau, spoke in support of a blockchain-based settlement system that would allow for faster transfers of euros, as well as be more cost-efficient, according to a report by Yahoo! DLT would also help in terms of cross-border payments, he said.

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 World Bank Sees DLT Potential For Cross-Border Transactions

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At heart of the matter, of course, is the place (or choice) of using distributed ledger technology (DLT) to underpin the transactions — especially B2B transactions. Some see distributed ledger technologies (DLT) as having the potential to drive industry-wide change.

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 Visa B2B Connect Goes Global

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The transactions between businesses are done on an account-to-account basis, as opposed to using the existing correspondent banking network — which, of course, relies on intermediaries.

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Why Cross-Border Payments Still Present Challenges

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Some payments providers are also leveraging blockchain and distributed ledger technology (DLT) to meet these needs, expediting the cross-border payment process. This has a direct cost benefit as computing power is used only on the basis of need,” said Nilesh Pathak, chief technical officer at InstaReM.

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B2B Cross-Border Payments Are Speeding Up

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Cross-border payments can be streamlined and sped up by leveraging modern tools like distributed ledger technology (DLT), which can complete transactions within minutes. SWIFT’s gpi , Mastercard’s B2B Hub, Visa B2B Connect and RippleNet are some of the examples of newer cross-border financial infrastructures.

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Deep Dive: Emerging Response To B2B, P2P Cross-Border Payments Pain

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The payments often have to travel between MTOs or between one MTO’s different offices through corresponding banks, and the different operating hours and time zones under which domestic systems operate can delay MTOs from getting their money. Consumers are not spared from the space’s frictions, either.

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Cross-Border Payment Efforts Look To The Blockchain And Beyond

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Some see distributed ledger technologies (DLT) as having the potential to drive industry-wide change. Indeed, B2B cross-border payments , traditionally characterized by fragmentation and opacity, are a potential use case for the successful implementation of DLT,” said the authors in their post.