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<p class="is-style-lead">A joint&nbsp;<a href="https://ripple.com/reports/Blockchain_and_Crypto_in_Payments.pdf" target="_blank" rel="noopener noreferrer nofollow">report</a>&nbsp;released on July 29 by Ripple and the US Faster Payments Council shows that blockchain technology could save financial institutions roughly $10 billion 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 href="https://twitter.com/hashtag/blockchain?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#blockchain</a> and <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#crypto</a> will transform the way money moves in our latest whitepaper with <a href="https://twitter.com/Faster_Payments?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Faster_Payments</a>. <a href="https://t.co/qacuAAzZrR" target="_blank" rel="noopener noreferrer nofollow">https://t.co/qacuAAzZrR</a> <a href="https://t.co/ForjM05Wbb" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ForjM05Wbb</a></p>— Ripple (@Ripple) <a href="https://twitter.com/Ripple/status/1685070155766792193?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 28, 2023</a> 
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<p>Meanwhile, a recent report from Juniper Research confirms that banks choosing to integrate blockchain technology in the next six years could save costs.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/fubon-bank-partners-with-ripple-for-e-hkd-pilot-program/" rel="noopener noreferrer nofollow"> Fubon Bank partners with Ripple for e-HKD pilot program </a> </p> 
<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> 
<p> You might also like: <a href="https://crypto.news/chamber-of-digital-commerce-calls-for-congress-to-push-us-crypto-regs/" rel="noopener noreferrer nofollow"> Chamber of Digital Commerce calls for Congress to push US crypto regs </a> </p> 
<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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>, is for cross border payments. <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Ripple</a> was saying this in 2015. Despite <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Ripple</a>’s impressive international growth, you simply cannot underestimate the damage the case has caused to Ripple and <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#XRP</a>.</p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1673479768589606912?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 26, 2023</a> 
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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> 
<p> Read more: <a href="https://crypto.news/ripple-works-with-colombias-central-bank-for-cbdc-development/" rel="noopener noreferrer nofollow"> Ripple works with Colombia’s central bank for CBDC development </a> </p>

Ripple report: blockchain can save billions for financial institutions

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