Blockchain Impacting Global Payment

Global payments and remittances today are executed by a number of intermediaries that exact tolls for their service. It takes 2 to 7 days and costs a global average of 6.94% to send $200 between countries. This means that remittances are directly reduced by $48B through fees, intermediaries, and financial institutions. Blockchain can streamline payment and remittance processes, reducing settlement times and significantly reducing costs. It allows rapid and secure domestic retail payments, wholesale and securities settlements, and cross border payments. We also can have Digitized KYC/AML data and transaction history, reducing risks of fraud and enabling real-time authentication and automated regulatory oversight and auditing.

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