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– it happens outside . In contrast , blockchain and cryptocurrencies allow us to embed transactions in the fabric of the internet .”
Harmse believes that , once spring follows the current crypto winter , there will be a renewed uptake of digital assets as a means of payment in mainstream businesses . “ They will want to seamlessly integrate cryptocurrencypowered payments into their operations without having to manage any of the complexity of collecting and converting crypto , on-ramping customers , or managing payouts .”
He points out that it ’ s already possible for merchants to accept payments in cryptocurrency but receive settlements in standard fiat currencies . “ We can expect to see services that allow businesses to bridge seamlessly between the crypto and fiat economies to win widespread adoption .”
A digitally enhanced corporate payment system The future of the corporate payments ’ space will be shaped by new technologies
“ Virtual wallets then ease the process of making same-day payments . Businesses can use them to organise funds and store multiple currencies ”
LAURENT DESCOUT CO-FOUNDER AND CEO , NEO and the development of DeFi , as well as the introduction of CBDCs . A truly integrated and seamless transactional environment will be the Shangri La of the industry . “ Corporates want integrated digital systems ; platforms that simplify payments and FX treasury management in one place . In the current financial climate , businesses are having to consider various factors to protect their commercial gains ,” says Descout , who then adds that rising inflation and the high volatility in currency exchange rates are taking their toll – and businesses that have previously overlooked FX hedging will likely feel the biggest impact .
Francis concludes : “ ISO 20022 , the international standards methodology for exchanging data between financial institutions , will produce rich data in a highly standardised form , facilitating interoperability globally and generating significant efficiencies once fully adopted . In contrast , the myriad of formats currently used make it difficult at times for institutions around the world to exchange information easily .
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