Blockchain technology can improve the overall efficiency of cross-border payments. However, its potential remains largely unexplored and requires seasoned application support for large-scale payment infrastructures. Banks can benefit by availing the expertise of blockchain technology providers like Ripple to improve cross-border payments, reduce fraud and settlement time, and speed up transactions.
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Cross-border payments are expensive and slow. The result? A lot of companies pay higher costs to operate in other countries. Unfortunately, this is just the way things have been until now. Cross-border payment problems have been here since the dawn of banking, phoodle but they’re not here to stay. It’s only a matter of time before the cost begins to negatively affect business operations and financial development – and that time is closer than you think.