A report jointly released by Ripple and the US Faster Payments Council on July 29 indicates that blockchain technology has the potential to save financial institutions approximately $10 billion in cross-border payment expenses by 2030. The report is based on a survey of 300 finance professionals from 45 countries, spanning fintech, banking, media, consumer technology, and retail industries. According to these professionals, blockchain technology will play a crucial role in accelerating payment systems, reducing cross-border payment costs, and improving transaction speed within the next three years.
Furthermore, a recent study conducted by Juniper Research supports the notion that banks adopting blockchain technology within the next six years can achieve significant cost savings. Over half of the survey respondents identified lower payment costs as the primary advantage of using cryptocurrencies for both domestic and international transactions. Additionally, close to 90% of respondents acknowledged some level of cost improvement for international payments, and 75% expected cost benefits for domestic transactions.
The US Chamber of Commerce recognizes digital assets as a potential solution to the issue of high transaction and processing fees imposed by domestic payment providers, which can sometimes reach up to 4%.
On Twitter, John Deaton, a prominent lawyer representing XRP holders in the Ripple vs. SEC lawsuit, highlighted Ripple’s involvement in cross-border payments. He revealed that Ripple has been advocating for the use of cryptocurrencies in international transactions since 2015, underscoring the company’s dedication to developing digital currencies for efficient cross-border transactions.