German multinational software giant SAP is launching a new “test drive” for a proposed blockchain-based cross-border payments system.
In a new blog post, Sissi Ruthe, a product expert at SAP, says that digital assets have the potential to significantly speed up and reduce the costs of cross-border payments.
[adinserter block="1"]Says Ruthe,
“Today, cross-border payments are a hassle for many small and mid-sized enterprises with international business partners. Expensive – up to $50 USD per transaction, slow – up to seven days to transmit the money, and non-transparent – you never know the status of the transaction. These major challenges can get solved with digital money as a means of settlement and blockchain as the underlying technology.”
According to Ruthe, SAP is currently inviting clients to participate in its new cross-border payments using test-versions or “play money” 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 the Test Drive, you will receive test USDC as play money to pay a sample invoice that you will also receive during onboarding. Being for experimental purposes only, the Test Drive does not operate on the main blockchain but on a test network and does not involve true coins. Consequently, you cannot and must not make any real-world payments when using the test drive but just experience how fast, affordable, and reliable cross-border payments will look like.”
At time of publishing, SAP is currently worth over $163 billion and has offices in 130 countries.
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