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 <p class="is-style-lead">A joint&nbsp;<a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a>&nbsp;released on July 29 by Ripple and the US Faster Payments Council shows that <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> technology could save <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> <a rel="noopener noreferrer nofollow" title="institutions" href="https://thebittimes.com/tag/institutions.html">institutions</a> roughly $10 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> in cross-border payment expenses by 2030.&nbsp;</p> 
 <p>A survey of 300 finance professionals from 45 countries, including those in fintech, banking, media, consumer technology, and retail, revealed that blockchain technology would play a significant role in speeding up payment systems, reducing cross-border payment costs, and enhancing their velocity within the next three years, as reported by the professionals surveyed.</p> 
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    <p lang="en" dir="ltr">Results show that global payments leaders are dissatisfied with legacy rails for cross-border payments.<br><br>Learn why 97% believe #<a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> and #crypto will transform the way money moves in our latest whitepaper with @Faster_Payments. https://t.co/qacuAAzZrR pic.twitter.com/ForjM05Wbb</p>— Ripple (@Ripple) July 28, 2023 
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 <p>Meanwhile, a recent <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> from Juniper Research confirms that banks choosing to integrate <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> technology in the next six years could save costs.&nbsp;</p> 
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 <p>Over 50% of respondents in the survey saw lower payment costs as the primary advantage of using crypto domestically and internationally. </p> 
 <p>In addition, nearly 90% acknowledged some cost improvements for international payments, while 75% expected cost benefits for domestic transactions.</p> 
 <p>According to the US Chamber of Commerce, digital assets are a solution to high transaction and processing fees by domestic payment providers, sometimes reaching up to 4%.</p> 
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 <p>On Twitter, John Deaton, a notable lawyer representing XRP holders in the Ripple vs. SEC lawsuit, mentioned Ripple’s involvement in cross-border payments.&nbsp;</p> 
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    <p lang="en" dir="ltr">Lately, the number one use case I hear regarding crypto, including #Bitcoin, is for cross border payments. @Ripple was saying this in 2015. Despite @Ripple’s impressive international growth, you simply cannot underestimate the damage the case has caused to Ripple and #XRP.</p>— John E Deaton (@JohnEDeaton1) June 26, 2023 
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 <p>The lawyer revealed that Ripple has been promoting the use of crypto in international transactions since 2015.&nbsp;</p> 
 <p>This highlights the blockchain company’s commitment to developing digital currencies for effective cross-border transactions.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Ripple works with Colombia’s central bank for CBDC development 
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Ripple report: blockchain can save billions for financial institutions

TheBitTimes

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