Blockchain is maturing rapidly, and the financial system deserves to and needs to, see it lead a new era of cross-border payments. Our Chief Business Officer, Josh Li, wrote about how blockchain can lead the financial system into a new era, in this op-ed published on Finance Magnates.
Josh starts this column, entitled “International Bank Remittances Need Blockchain Technology Today,” saying, “How do you ascend from good to great? Look inside an innovative sector early in its development, and you’ll often find the foundation in place to enable a quick transition: companies and consumers alike that are ready to take risks, and have flexible expectations in a world in which the rules are yet to be written.”
From there, Josh discusses:
- The familiar modes of operation that define global settlement technology for remittances and payments.
- The significant time lag and high fees that accompany these aging settlement systems.
- Blockchain technology’s steady maturation and readiness to address international remittance issues.
- Growing attention to blockchain technology solutions in parallel sectors, such as the DTCC Project Ion and Project Whitney for the U.S. Securities industry.
- The need for banks today to take the leap into blockchain technology-driven systems, like Apifiny’s Roxe, which can enable instant settlement of cross-border payments.