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The majority of banks delve into blockchain for payment solutions

Monday 31 October 2016 10:23 CET | News

Nine out of 10 US, European and Canadian commercial banks are exploring the use of blockchain technology for payments.

The survey was conducted by Accenture on 32 top banking professionals with 30% of banks being in the advanced stages of adopting blockchain technology for payments.

The most prevalent use cases for the technology within payments are intra-bank cross-border transfers, with 44% ranking it as the number one priority. Other use cases are cross-border remittances, corporate payments and inter-bank cross-border transfers. Across the board, the executives expected lower frictional and administrative costs, quicker settlement time with fewer errors and exceptions, and new revenue opportunities.

“Blockchain has proven its scalability to support such infrastructure and, as the industry sets its focus on developing the networks, business processes and standards needed to run these systems, payments could be one of the first major proving grounds for enterprise blockchain adoption.”


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Keywords: Accenture, commercial banks, blockchain, innovation, US, Europe, Canada, intra-bank transfers, cross-border transfers, remittances
Categories: DeFi & Crypto & Web3
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Countries: World
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DeFi & Crypto & Web3






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