- Hundreds of communities struggling to access cash, warns ‘Which?’
- David Miller to succeed James L. Amine as CEO of Credit Suisse IBCM
- Financial sector shuns younger workers as employers prefer older generation
- Payments industry deals in September 2019 total $404.14m globally
- Buy-to-let borrowing stable despite slowdown in mortgage market, says Paragon
- Atlas Group partners with Morphis for cash services
- Mastercard partners with BMO Harris and Superbia to bring new feature to their cards expired
- Coutts Index reveals fall in London prime property prices expired
- Credit card surge expected as Black Friday looms, says Moneyfacts expired
- MarketInvoice changes to MarketFinance, reflecting its wider lending choices expired
- Barclays sees phenomenal increase in TV and film production funding expired
- allpay.cards designs and manufactures Caxton’s new Sterling card 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.