tl;dr
The content discusses the declining number of correspondent banks globally due to compliance costs, and the Bank for International Settlements' (BIS) Project Agorá, aiming to transform cross-border payments using tokenization and wholesale central bank digital currencies. The BIS paper "Next generat...
The number of correspondent banks globally is declining due to compliance costs. The Bank for International Settlements (BIS) has announced Project Agorá, aiming to transform cross-border payments using tokenization and wholesale central bank digital currencies (CBDCs).
An opinion piece advocates for using the BSV Blockchain for peer-to-peer payments, citing its low fees, scalability, and compliance benefits over private ledgers.
Correspondent banks act as middlemen between issuing and receiving banks globally and have been declining due to compliance costs. Project Agorá aims to transform cross-border payments using tokenization and wholesale CBDCs. The BIS paper "Next generation correspondent banking" outlines further details.
The author recommends using the BSV Blockchain for peer-to-peer payments, emphasizing its low fees, scalability, and compliance benefits compared to private ledgers. The piece highlights the potential of blockchain technology, smart contracts, and AI in revolutionizing financial transactions and proposes embracing open blockchain solutions.
The piece concludes by presenting an optimistic view of the potential of blockchain technology, urging financial institutions to move onto the blockchain equivalent of the open internet for better scalability.
Are traditional financial institutions ready to embrace open blockchain solutions for global payments and compliance? How do you think the role of correspondent banks will evolve in the era of blockchain technology?
More about C3 Ai Inc
C3 Ai Inc (C3)
Industry: Technology
Sector: Services-Prepackaged Software
Market Cap: $3,644,379,000
Dividend Yield: None
PEG Ratio: None
EPS: -2.34
EBITDA: 2.602
P/E Ratio: -0.901
Volume: 310,582,000
Market Price: $29.82
52-Week Change: 0
RSI: 0.196