The Euro Banking Association (EBA) has issued a new information paper analysing the potential benefits and use cases of cryptotechnologies in the context of international payments and more specifically correspondent banking practices. The information paper, ‘Cryptotechnologies in international payments’, was delivered by the EBA’s Cryptotechnologies Working Group, which brings together experts from EBA member organisations to explore promising business models for distributed ledger technology in relation to payments and transaction banking, and is available for download.
“Having analysed the value that cryptotechnologies could bring to supply chain finance (SCF) processes, we felt that international payments was another area that could strongly benefit from the use of this technology,” said José Vicente, deputy manager in the marketing department – cards and payments Unit – at Banco Comercial Português and chair of the cryptotechnologies working group.
“Our information paper shows how this technology could support industry players in meeting user expectations regarding speed, transparency and cost. We strongly believe that collaborative initiatives in this area, in particular, could unlock significant value for payment service providers and their customers.”
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