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Growth : In regions such as Southeast Asia and Latin America, bank transfer payments have grown by 20% annually due to increasing banking access. Faster Payments (U.K.), Wholesale CBDCs focus on interbanksettlements, enhancing security and efficiency in large transactions between financial institutions.
Singapore furthers payment innovation aspirations 2023 also saw Singapore advance its payment innovation ambitions, particularly in the realms of electronic payments and cross-borderpayment capabilities. SGQR+ aims to increase the number of payment methods that merchants can accept.
“The partnership is Vocalink’s first fully managed service in Latin America, which will ensure that we continue to provide our payments expertise long after we have implemented the new infrastructure,” said Vocalink CEO Paul Stoddart in the release. the release noted, and the real-time mobile transfer systems in Singapore and Thailand.
Among one of the loudest of these blockchain champions is Ripple, a FinTech firm that has recently secured millions of dollars in investments and strategic partnerships aimed at promoting blockchain technology’s use for traditionally friction-rich areas, like cross-borderpayments and real-timepayments.
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