- Lenders provide 650,000 UK businesses with £27.5bn in finance through COVID-19 schemes
- UK lenders approve almost 1.5million payment holidays on credit cards and personal loans
- Scope says UK banks to manage through challenging times with regulatory encouragement
- Latest Lloyds Bank Business Barometer says business confidence falls to record low as economic shutdown continues
- Mastercard says 78% of all transactions across Europe are now contactless
- Research indicates 56% of consumers more likely to use contactless as their preferred spending method when thinking about future trips abroad
- Auriga's Mark Aldred comments on the future need for ATMs in the UK expired
- Reinhart appointed as the new Vice President and Chief Economist of the World Bank Group expired
- S&P Global publishes article headed "Islamic Finance And ESG: Sharia-Compliant Instruments Can Put The S In ESG" expired
- High-income households willing to take on riskier post-COVID-19 investments, says GlobalData expired
- Moneyfacts says fixed bond rate gap tumbles as one-year attracts expired
- Northpointe Bank named a top-performing bank in the US again by the ICBA expired
8th November 2019
B2B cross-border payments stored on blockchain will soar by 2024, finds Juniper
New data from Juniper Research has shown that the total value of B2B cross-border payments immutably stored on blockchain will exceed $4.4trn by 2024; up from $171bn in 2019. Blockchain enables real-time clearing and settlement for B2B transactions, while offering increased transparency and reduced costs.
The new research, “Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030” revealed that financial institutions will save $7bn by 2024, due to the automation of ‘Know Your Customer’ checks, allied to the involvement of blockchain in identifying users via self-sovereign identity..
Juniper Research assessed 15 leading blockchain vendors, scoring them on experience in the sector, marketing efforts, and customer deployments, along with their blockchain solutions. Juniper positioned the five leading vendors as:
2. Infosys Finacle
The research scored IBM highly for its diverse blockchain solutions in production, with a strong client base for many verticals. Additionally, Infosys Finacle has established itself as a leading blockchain provider for financial institutions, with global partners and popular blockchain solutions.
Research author, Dr Morgane Kimmich, said: “The implementation of blockchain is part of a wider strategy for financial institutions to digitally transform operations. Blockchain will enable stakeholders to reduce operational costs in a competitive market that is becoming increasingly commoditised.”
The research found that Ripple, Visa and IBM are driving blockchain innovation in cross-border payments. Ripple has led the market since 2012; capitalising on its early mover advantage to grow to over 200 financial institution partners in 2019.
However, Ripple is facing increased competition from Visa B2B Connect and IBM Blockchain World Wire, which have already grown their presence in 60 countries and have high-profile partners in the financial ecosystem. The research anticipates that both companies will continue to exploit their global presence, trusted brand names and established partner networks to scale their solutions.