Euro Banking Association (EBA), an industry forum for the European payments industry, has issued a new information paper that potentially analyses the use cases of cryptotechnologies in the context of international payments.
The paper titled ‘Cryptotechnologies in international payments’ was delivered by EBA’s Cryptotechnologies Working Group. This group gathers experts from the member organizations of EBA in order to explore promising business models for distributed ledger technology or blockchain technology with respect to payments banking.
“Having analyzed the value that cryptotechnologies could bring to supply chain finance processes, we felt that international payments was another area that could strongly benefit from the use of this technology,” José Vicente, Deputy Manager in the Marketing Department and Chair of the EBA’s Working Group, said. “Our information paper shows how this technology could support industry players in meeting user expectations regarding speed, transparency and cost. We strongly believe that collaborative initiatives in this area, in particular, could unlock significant value for payment service providers and their customers.”
The information paper analysis by EBA explores blockchain opportunities for payment service providers in terms of operating cost cuts, revolutionizing the international payments value chain and sustaining compliance with key regulatory requirements in global markets. The release also stated that the Cryptotechnologies paper will address on specific use cases including distributed KYC registries and low-value P2P/B2C payments.
The EBA’s Cryptotechnologies Working Group intends to work on the topic of international payments, where it will target on evaluation of implementation scenarios in international payments and the exploration of security issues in the use of Cryptotechnologies.
