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  5. Blockchain in Action in Payments and Transaction Banking: Spotlight on Frontrunners

Blockchain in Action in Payments and Transaction Banking: Spotlight on Frontrunners

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4 September 2023
Alenka Grealish

Abstract

What if a multinational corporation could transfer funds across its international subsidiaries seamlessly and nearly instantly? What if foreign exchange trading desks could settle 24/7/365 in near real-time?

Outside of the implosion of the crypto speculative markets, Celent finds financial institutions, payments networks, and fintechs that are forging ahead testing and implementing pragmatic, commercial applications of blockchain and smart contracts. Harkening back to the original vision of blockchain and cryptocurrency—providing the Internet of value—these blockchain frontrunners succeeding at use cases in the areas of wholesale payments, intrabank/company transfers, and cross-border payments (e.g., B2B and remittances).

Figure: Use Cases Arrayed Around the Adoption Flywheel

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