Ripple: By 2030, blockchain could save financial institutions $10 billion
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Ripple: By 2030, blockchain could save financial institutions $10 billion
According to a recent report, blockchain could save financial institutions approximately $10 billion in cross-border payment costs by 2030. The report was jointly released on July 29 by the digital payments network Ripple and the U.S. Faster Payments Council (FPC), surveying 300 financial professionals across 45 countries and regions, spanning industries including fintech, banking, media, consumer technology, and retail. Among the respondents—ranging from analysts to directors and CEOs—97% firmly believe that blockchain technology will play a crucial role in enabling faster payment systems within the next three years. Moreover, more than half of the participants view cost reduction as the most significant benefit of cryptocurrencies. The report states: "Over 50% of respondents in the survey identified lower payment costs—both domestic and international—as the primary advantage of cryptocurrencies." It adds that Juniper Research, a fintech analytics firm, forecasts substantial cost savings for banks through the use of blockchain in global transactions over the next six years. "Juniper Research supports this view, noting that blockchain has the potential to significantly increase savings for financial institutions engaged in cross-border transactions—projected to reach $10 billion in savings by 2030."
Navigating Web3 tides with focused insightsTechFlow news, according to a recent report, blockchain could save financial institutions approximately $10 billion in cross-border payment costs by 2030.
The report was jointly released on July 29 by digital payment network Ripple and the U.S. Faster Payments Council (FPC), surveying 300 financial professionals across 45 countries and regions, spanning sectors including fintech, banking, media, consumer technology, and retail.
Among surveyed participants—from analysts to directors and CEOs—97% firmly believe that blockchain technology will play a crucial role in enabling faster payment systems within the next three years. Additionally, more than half of respondents identified cost reduction as cryptocurrency's most significant benefit.
The report states: "Over 50% of respondents in the survey view lower payment costs—both domestic and international—as the primary advantage of cryptocurrencies."
The report notes that fintech analytics firm Juniper Research predicts widespread use of blockchain in global transactions will generate substantial cost savings for banks over the next six years.
"Juniper Research supports this view, indicating that blockchain has the potential to significantly increase savings for financial institutions conducting cross-border transactions—projected to reach $10 billion in savings by 2030."
