![]() ![]() ![]() Several existing blockchain-based payment processing services are based on Bitcoin. In Japan, a consortium of banks plans to go live in the Spring of 2017 with a blockchain-based payment processing service that will support real-time domestic and cross-border payments at lower cost versus traditional services. Perhaps the biggest emerging trend is the use of distributed-ledger technologies unrelated to Bitcoin, such as Ripple and Ethereum. Some blockchain-based B2B payment processing services already exist others are expected to launch in 2017 and later. 2īlockchain May Speed International Payment Processing Services These areas are ripe for disruption because existing systems are often old, slow and costly, according to a report by Credit Suisse, which notes that today’s cross-border wire payments can take days to clear and involve fees as high as 10 percent. ![]() There are two main areas of blockchain activity that may see live deployments in 2017 and may have implications for businesses: international payment processing services involving bank-to-bank transfers and trade finance applications (including the use of “smart contracts”). Blockchain technology was initially used to support the digital currency Bitcoin, but is now being explored for a wide variety of applications that don’t involve bitcoin. Blockchain technology promises to facilitate fast, secure, low-cost international payment processing services (and other transactions) through the use of encrypted distributed ledgers that provide trusted real-time verification of transactions without the need for intermediaries such as correspondent banks and clearing houses. ![]()
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