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German multinational software giant SAP is launching a new “test drive” for a proposed blockchain-based cross-border payments system.<\/p>\n
In a new blog post, Sissi Ruthe, a product expert at SAP, says<\/a> that digital assets have the potential to significantly speed up and reduce the costs of cross-border payments.<\/p>\n Says Ruth,<\/p>\n \u201cToday, cross-border payments are a hassle for many small and mid-sized enterprises with international business partners. Expensive \u2013 up to $50 USD per transaction, slow \u2013 up to seven days to transmit the money, and non-transparent \u2013 \u200b\u200byou never know the status of the transaction. These major challenges can be solved with digital money as a means of settlement and blockchain as the underlying technology.\u201d <\/em><\/p>\n According to Ruthe, SAP is currently invited<\/a> clients to participate in its new cross-border payments using test-versions or \u201cplay money\u201d of Circle’s USD Coin (usdc<\/a>), which is pegged to the US dollar, and the Circle-issued Euro Coin (EUROC<\/a>), which is pegged to the Euro.<\/p>\n \u201cAs 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.”<\/em><\/p>\n At the time of publishing, SAP is currently worth over $163 billion and has offices in 130 countries.<\/p>\n Don’t Miss a Beat SUBSCRIBE<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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