Future

United

Bank AI

Read

<ul> 
 <li>Ripple’s report, in collaboration with the United States Faster Payments Council (FPC), underscores the transformative potential of blockchain in the financial sector.</li> 
 <li>Blockchain technology could potentially save financial institutions around $10 billion in cross-border payment costs by 2030, according to the report.</li> 
 <li>The timeline for widespread merchant adoption of digital currency payments remains a point of contention, despite the overall optimism.</li> 
</ul> 
The transformative power of blockchain technology in the financial industry is becoming increasingly apparent. This is the central theme of a recent <a href="https://twitter.com/Ripple/status/1685070155766792193" target="_blank" rel="noopener noreferrer nofollow">report by Ripple</a>, the digital payment network, in partnership with the United States Faster Payments Council (FPC). The report makes a compelling argument for the role of blockchain in accelerating payment systems and the potential cost savings that could ensue. 
The survey, which gathered insights from 300 finance professionals across 45 countries, highlights the growing consensus about blockchain’s benefits. It paints a picture of a shifting perception of this technology across various sectors, including fintech, banking, retail, consumer technology, and media. 
The survey results reveal a dissatisfaction among global payments leaders with traditional methods for cross-border payments. A significant majority of the professionals surveyed, including analysts, directors, and CEOs, strongly believe in the potential of blockchain. Approximately 97% are confident that blockchain technology will play a crucial role in speeding up payment processes over the next three years. 
In addition, the report underscores the cost-saving potential of cryptocurrencies. Over half of the respondents agreed that cryptocurrencies could significantly reduce payment costs, both domestically and internationally. 
The report suggests that the application of blockchain in global transactions could save financial institutions an estimated $10 billion in cross-border payment costs by 2030. This prediction is backed by findings from fintech analysis firm, Juniper Research. 
Ripple and XRP are poised for a promising future. With the ongoing advancements in Ripple’s payment protocol and the increasing adoption of blockchain, XRP is set to make substantial progress in the crypto space. The coin’s potential to revolutionize transactions suggests a positive future for XRP in the crypto market. 
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4> 
<ul class="wp-block-yoast-seo-related-links"> 
 <li><a href="https://cryptonewsland.com/ripple-wins-us-fpc-clearing-house-support-for-cross-border-payment-innovation/" rel="noopener noreferrer nofollow">Ripple Wins US FPC &amp; Clearing House Support for Cross-Border Payment Innovation</a></li> 
 <li><a href="https://cryptonewsland.com/xrp-vs-bitcoin/" rel="noopener noreferrer nofollow">XRP vs. Bitcoin: The Future of Cross-Border Payments Unveiled</a></li> 
 <li><a href="https://cryptonewsland.com/xrp-emerges-as-the-chosen-one-for-cross-border-payments/" rel="noopener noreferrer nofollow">XRP Emerges as the Chosen One for Cross-Border Payments, IMF Report Confirms</a></li> 
 <li><a href="https://cryptonewsland.com/ripple-the-game-changer-in-asia-pacifics-payment-industry-find-out-why/" rel="noopener noreferrer nofollow">Ripple: The Game-Changer in Asia Pacific’s Payment Industry, Find Out Why</a></li> 
 <li><a href="https://cryptonewsland.com/germanys-top-savings-bank-to-offer-bitcoin-to-clients/" rel="noopener noreferrer nofollow">Germany’s Top Savings Bank to Offer Bitcoin to Clients</a></li> 
</ul> 
The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/ripples-blockchain-forging-ahead-to-save-10b-in-cross-border-payments-by-2030/">Ripple’s Blockchain Forging Ahead to Save $10B in Cross-Border Payments by 2030</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.

Ripple’s Blockchain Forging Ahead to Save $10B in Cross-Border Payments by 2030

Crypto News Land

Other articles published on Jul 31, 2023

DeFi on Danger After Curve Hack – Do This to Protect Yourself

This Ethereum (ETH) Pattern Breakout Might Result in 400% Gains: Details

SHIB Price Analysis: Will SHIB Price Reclaim the $0.000011 Mark?

HBAR Price Prediction AUG-23: Will Hedera Hashgraph Hit $1?

Shido AMA live on Thursday!

Cryptocurrency and environment: How digital coins affect the planet

Join our free newsletter for daily crypto updates!