Nowadays, one of the biggest to global trade is the speed of which cross border payments are processed. Bettering KYC standards and strengthening Anti Money Laundering procedures has slowed the speed at which transactions can be processed in addition to slowing down trade between countries costing billions of dollars to the world economy. One of the potential solutions to theses issue is blockchain technology. Not surprisingly, IBM has started rolling out its Blockchain World Wire. It supports 47 currencies, works in 72 countries and has 44 banking end points. And guess what, it clears cross border payments in seconds, not days. Blockchain World Wire fasters payment processing, lowers costs, increases efficiency and much more. You can see how it works here. Imagine the potential of that technology. Imagine the disruption in international payments. Imagine the implications for the banking industry.
About the Author:
Boris Grozev is a seasoned fintech executive. Entrepreneur by heart Boris has helped number of businesses to create and implement business development and product strategies. His advisory work in Emerging and Frontier markets has promoted culture and technology change, fostered innovation and lead to tangible results. He invests in variety of asset classes. Boris is a fast learner, whose leadership abilities, ambition, stamina, passion to succeed and attitude naturally spread to others helping to achieve common goals.
