Cross Border Payments

Explore how your bank can achieve near-instantaneous settlement and operates in real time using blockchain.

Faster and cheaper transnational payments to emerging countries

Transnational payment services are facing new challenges as more nimble, faster and cheaper startups enter the market. In the 2016 Migration and Remittances Factbook, the World Bank predicts that international migrants will send US$601 billion to their families in their home countries in 2016 with developing countries receiving US$441 billion. Banks have the opportunity to be part of this exploding market using blockchain.

 

Near instantaneous settlement in real time

Beyond the security implications and increased transparency of transactions for all parties, whether institutions or customers, blockchain has a beneficial impact on timing, pricing and costs in the market.

Imagine being able to transfer value or prevent disputes over the Internet — without going through a third party. Confidently and securely. Almost instantly and with complete cost transparency. Businesses that deal with costly, slow, or unreliable transactions, or that serve markets with underdeveloped payments systems or large numbers of unbanked customers, have good reason to look closely at blockchain as a useful underlying technology. Blockchain could enable near-instantaneous settlement and operates in real time.

Capgemini can help your bank explore the opportunities for cross border payments using blockchain. Our proof of concept can illustrate the technology and help your bank understand the impact on existing business.

Benefits:

  • No single point of failure. If any node in a network of participants fails, the others will continue to operate, maintaining the information’s availability and reliability.
  • Designed to be resilient in the face of outages or attacks. 
  • More accurate tracking of customer repayment histories, across borders and banks, reducing the risk of investigations
  • Almost instant cross border payments with predictable low cost structure

 

Why Capgemini?

"Blockchain is a good architecture to consider as the velocity of financial transaction processing increases, as it can reduce processing time from hours to minutes while providing unprecedented levels of transaction security. Central banks, financial institutions, and technology firms are beginning to embrace blockchain’s potential, and we are driving our expertise to be at the forefront of its adoption" —Anirban Bose, Global Head of Banking and Financial Services, Capgemini

With our strong investment in blockchain technology for banking and financial services, Capgemini has helped some the world’s largest banks explore ways to experiment with blockchain for cross border payments. Blockchain-based cross border payments have no single point of failure and are designed to be resilient in the face of outages or attacks. If any node in a network of participants fails, the others will continue to operate, maintaining the information’s availability and reliability. Blockchain also provides the opportunity to more accurately track customer repayment histories across borders and banks, reducing the risk of default.

We have experience working with leading financial institutions to assess and implement a range of blockchain-related solutions across retail banking, commercial banking, and global markets.

 

Talk to our blockchain payments specialists by emailing payments@capgemini.com or contacting an expert.

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