SAP, the German multinational software powerhouse, is starting a pilot for a revolutionary cross-border payments system, which is an intriguing development in the blockchain arena.
This project uses digital assets and blockchain technology to enable quick and affordable international transactions.
SAP cross-border payments system
Sissi Ruthe, a product expert at SAP, argues in a blog post how this cutting-edge technology could improve cross-border payments, highlighting the revolutionary potential of digital assets.
Currently, these transactions can be difficult for small and mid-sized businesses engaged in international business partnerships because of their high fees (up to $50 per transaction), slow processing times (up to a week), and opaque status.
To overcome these obstacles, SAP’s suggested solution makes use of both the reliability of blockchain technology and the effectiveness of digital money.
The adoption of Circle’s USD Coin (USDC) and Euro Coin (EUROC), which are tied to the US dollar and the Euro, respectively, would enable speedier, less expensive, and more transparent international trade, according to Ruthe.
SAP invites customers to “test drive” the proposed cross-border payments system as part of this cutting-edge pilot program.
Participants experience the speed, accessibility, and dependability of the suggested payment system firsthand by receiving play versions of the USDC and EUROC to mimic invoice payment.
Ruthe adds that this test drive is limited to only experimental purposes because it uses a trial network and doesn’t include actual currency.
As a result, it doesn’t enable actual transactions but rather offers a fascinating window into how international payments can develop in the future.
With a market cap of over $163 billion and operations in 130 nations, SAP is a leader in incorporating blockchain technology into regular company operations.
The software giant’s daring entry into the field of digital currency for international payments is evidence of its dedication to setting the bar for cutting-edge, effective, and open financial systems in the digital era.
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Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others.
Kumo wallet is your all-in-one social payment app for seamless payment solutions.
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