The Eurobank Association has today published a new information document exploring the potential benefits and use cases of cryptographic technologies in the context of international payments, and more specifically correspondent banking.
“After analyzing the value that cryptography could bring to supply chain financial processes, we felt that international payments is another area that could greatly benefit from the use of this technology.” said Jose Vicente, Deputy Manager of Marketing (Cards and Payments). ) Banco Comercial Português and chairs the EBA's Cryptographic Working Group. “Our information document shows how this technology can support industry players to meet user expectations regarding speed, transparency and cost. We strongly believe that this initiative has the potential to create significant value for payment service providers and their customers.”
EBA's analysis examines the opportunities that distributed ledger technology presents to payment service providers in terms of reducing operational costs, modernizing the international payments value chain, and maintaining compliance with key regulatory requirements in markets around the world. I am. The paper also covers specific use cases such as decentralized KYC registries and small-value P2P/B2C payments. EBA's Cryptography Working Group will continue to work on the topic of international payments. Evaluation of implementation scenarios for international payments and investigation of security issues in the use of cryptographic techniques will be on the agenda of the next group.
