SAP, the renowned German multinational software giant, is set to introduce a new “test drive” initiative for an innovative blockchain-based cross-border payments system.
In a recent blog post, Sissi Ruthe, an expert in product development at SAP, highlights the immense potential of digital assets in expediting and cost-saving cross-border transactions.
Ruthe emphasizes the existing challenges faced by numerous small and medium-sized enterprises when it comes to international payments. These challenges include exorbitant costs, reaching up to $50 USD per transaction, sluggish processing times of up to seven days, and a lack of transparency regarding transaction status. The incorporation of digital currency as a settlement method, coupled with blockchain technology, holds the key to overcoming these hurdles.
SAP is currently extending an invitation to its clients, urging them to participate in the testing phase of their cross-border payments system. During this phase, clients will have the opportunity to utilize test versions of Circle’s USD Coin (USDC), which is pegged to the US dollar, and the Circle-issued Euro Coin (EUROC), which is pegged to the Euro.
As part of this Test Drive program, participants will be provided with test USDC, referred to as “play money,” to settle a sample invoice that they will receive during the onboarding process. It is important to note that this Test Drive operates on a separate test network, rather than the main blockchain, and therefore does not involve real coins. Consequently, it is strictly forbidden to conduct any real-world transactions using the Test Drive platform.
The primary purpose of this initiative is to provide participants with an immersive experience of the swift, cost-effective, and reliable nature of cross-border payments facilitated by this groundbreaking system.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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