A cross-border payment is a financial transaction where the sender and recipient are situated in different countries. Historically, these payments have involved multiple intermediaries, leading to increased costs and extended processing times. Blockchain technology offers streamlined solutions to expedite and reduce the expense of such international transfers.
Context
There is a global impetus to enhance the efficiency and cost-effectiveness of cross-border payment systems. Central bank digital currencies and stablecoins are being investigated as potential alternatives to conventional correspondent banking networks. These innovations seek to overcome existing frictions and establish more seamless international financial channels.
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