Blockchain Can Save Financial Institutions
A survey by Ripple and FPC found 97% of 300 finance professionals from 45 countries believe blockchain will be crucial for faster payment systems development within three years.
Blockchain could save $10 billion in cross-border payment costs by 2030 for financial institutions the report estimated.
The Ripple-US Faster Payments Council released an analysis on July 29 based on a poll of 300 financial professionals from 45 countries in fintech, banking, media, consumer technology, and retail industries.
97% of surveyed participants believe blockchain technology will significantly impact faster payment systems within three years. Additionally, over half of participants believe that cryptocurrency’s primary benefit is cost reduction, both domestically and internationally. Juniper Research predicts that blockchain use in global transactions will lead to substantial cost savings for banks over the next six years.
(With inputs from Shikha Singh)
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