In Europe, there is a strong tendency for “instant payment solutions to be made available to end customers in the short term, common market solutions”.
Legislators believe that faster payments, because they help businesses speed up their liquidity cycle, generate working capital, reduce the need for short-term and costly financing, and accelerate economic growth. The second motivation for financial institutions to strive for immediate payments is their business needs: the need to meet customer expectations and respond to threats from new competitors who are just entering the market.
In terms of payment, the biggest challenge facing financial institutions is the complex and complex IT equipment they have built over the years, accounting for 7.3% of their annual revenue, which is comparable to the cost. Executive operations of 3.7% in other industries seems to be a significant figure. Interbank processes require several steps to be taken between banks and Bank It is a center that requires a lot of resources, steps that are repeated many times during the day. This level of complexity highlights the need for a more efficient payment system at both the national and international levels.
If a country directs its domestic economy to all transactions in one go Blockchaink General Office Registered, will lead to increased efficiency in the execution of interbank transactions. On the other hand, it will help the government to learn how money flows in the economy using metadata analysis, and thus to manage the economy more systematically and efficiently. Of course, this goal has a long way to go, because according to the forecast of the World Economic Forum, by 2025, only 10% of the GDP of the countries will be stored on the blockchain.
However, several groups benefit from the blockchain:
Consumers: Because they can make faster payments through their mobile phones.
Small Business: Small business owners are able to make their payments faster using blockchain.
Companies: More regular payments and receipts of large companies allow them to manage liquidity. In addition, with the use of smart contracts, the payment of employees’ salaries will be more regular.
Financial institutions: can provide the best internet and mobile banking services and be a leader in providing new services.