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JPMorgan estimates CBDCs could save corporates £100 billion in transaction costs
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finextra.comreport estimates that of the nearly $24 trillion in wholesale payments that moved across borders via the correspondent banking network each year, global corporates incur more than $120 billion in total transaction costs; this excludes potential hidden costs in trapped liquidity and delayed settlements.Jason Ekberg, partner, corporate and institutional banking at Oliver Wyman, states: “The case for CBDCs to address pain points in cross-border payments is very compelling.
The bulk of today’s wholesale cross-border payments process remains sub-optimal due to multiple intermediaries between the sending and receiving banks, often resulting in high transaction costs, long settlement times, and lack of transparency on the status of the
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