- ECB increases the envelope for the pandemic emergency purchase programme(PEPP) by E600bn to a total of E1,350bn
- UK Finance says cards used for half of payments for first time last year
- UK Finance announces new Board appointments
- Bank of England/PRA writes to deposit takers on COVID-19: IFRS 9 and capital requirements-further guidance on initial and further payment
- Worrying services sector is so absent in UK-EU negotiations, new academic report finds
- Financial Ombudsman Service received over 270,000 new complaints about UK financial businesses in the 2019/20 financial year
- Creditfix research indicates that Brits feel convident about their post-lockdown finances expired
- Sidetrade indicates latest results of B2B unpaid invoice tracker expired
- ESMA promotes convergence in the supervision of costs in UCITS and AIFs expired
- What is ModelOps-and why should banks care? expired
- Landesbank Berlin chooses SIA for new payment card management system in Germany expired
- MarketFInance approved to start lending under CBILS 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.