BASINGSTOKE, England, Nov 8 (Bernama-BUSINESS WIRE) — A new report from Juniper Research has found deployment of blockchain for cross-border settlement will drive increasingly significant cost savings for banks; rising from $301 million in 2021 to $10 billion in 2030. Blockchain implementation in cross-border settlement will enable stakeholders to leverage improved payment transparency and traceability; a critical advantage in an omnichannel payments market.
The new report, Blockchain in Financial Services: Key Opportunities, Vendor Strategies & Market Forecasts 2021-2030, found large trading nations, such as the US and China, will see the biggest cost savings from blockchain use, aided by high remittance volumes and increasingly favourable regulatory environments. In these high-value remittance markets, potential for blockchain to meet critical requirements of fast, reliable, and transparent payments will be a key driver of adoption.