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JPMorgan Report Says CBDCs Can Save Firms $100B a Year in Cross-Border Costs

by CBDC Insider
November 3, 2021
in Business
Reading Time: 1min read
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JPMorgan Report Says CBDCs Can Save Firms $100B a Year in Cross-Border Costs
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A central bank digital currency (CBDC) network could save global corporates over $100 billion a year in transaction costs when it comes to cross-border payments.

So says a report published Wednesday by consulting firm Oliver Wyman and megabank JPMorgan called “Unlocking $120 Billion Value in Cross-Border Payments.”

The report estimates that of the nearly $24 trillion in wholesale payments that move across borders each year, banks incur more than $120 billion in total transaction costs; this excludes potential hidden costs in trapped liquidity and delayed settlements.

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“The case for CBDCs to address pain points in cross-border payments is very compelling,” said Oliver Wyman partner Jason Ekberg said in a statement. “The bulk of today’s wholesale cross-border payments process remains sub-optimal due to multiple intermediaries between the sending and receiving banks, often resulting in high transaction costs, long settlement times, and lack of transparency on the status of the payments.”

Conversations around CBDCs, driven by the march of cryptocurrency and blockchain technology, can be about either retail issuance or the type of wholesale transactions this report is focused on.

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