Banking and bitcoin: The return of the dinosaurs
The dinosaurs of the banking world have recognised the threat from crypto. While there is no simple choice yet for fast and cheap cross-border payments, near instant domestic payments are the new reality.
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More companies are preparing to accept payment in crypto as the number of customers with digital wallets swells. But a confusing proliferation of payment methods means that innovation has made collecting payments harder, not easier.
The dinosaurs of the banking world have seen the threat from crypto and plodded ahead of it. While there is no simple choice yet for fast and cheap cross-border payments – rather there remains an inherent tradeoff between speed and cost – near instant domestic payments are the new reality.
“The digital transformation has accelerated in the payments space as across every other banking service,” Shahrokh Moinian, head of wholesale payments in Europe, the Middle East and Africa at JPMorgan, tells Euromoney. “Corporate clients that were scrambling for liquidity last March and April looked anew at their own internal cash flow.