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Cross Border Voting & Payments

Updated: Jun 16, 2022

Banks and companies depend significantly on cross border payments to generate revenue, but new tech­nology might soon change this. These payments currently represent 20 percent of the total number of transactions in the payments industry and gener­ate 50 percent of transaction-related revenues (1). In 2015, cross border payment flows totaled more than $150 trillion and the payments industry earned over $200 billion in revenue from services provid­ed to payers and payees (2). For decades, banks and companies have employed traditional correspon­dent banking systems such as SWIFT, VISA, and MasterCard as means for international payments. However, the average transaction with one of these banking systems is both expensive and takes three to five business days to process (1). Luckily for cus­tomers, technology, such as mobile banking, dig­ital wallets and e-commerce, have caused radical changes in banks’ products and their systems’ effi­ciencies. The rise of the distributed-ledger system, or Blockchain, upends our understanding of cross border payments and revolutionizes the current system.


Blockchain was developed in 2008 by Satoshi Na­kamoto as a transaction platform for the cryptocur­rency known as Bitcoin. The design of the system removes the need for a central authority while still allowing secure fund transfers.


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