The current costs and runtimes for remittance and other cross-border payments, as well as manual processes like the input of an IBAN will not be accepted by the consumers in a digitised world in the long run. The blockchain technology opens up a number of different possibilities for the financial sector to help speed the pace of innovations and make payments even more efficient and secure.
Ultimately, the blockchain is a decentralised digital booking system, which enables you to transport data in the Internet via various servers. Within these systems all actions of the users are registered, the data is strung together block by block like a chain and then transferred onwards. All processes are verifiable so that transactions can be handled without a need for either partner to be in a relationship of trust.
A well-functioning blockchain offers great potential and can generate advantages for all participants. The technology can, for example, help to make payment networks like SWIFT or other correspondent banking relationships more secure and efficient.
We would be happy to help you develop a suitable strategy and implement the optimal blockchain technology in your IT and process infrastructures for your payments.