In a world where we’re all trying to keep up with the fast pace of technology and its impact on the way we work and live, it’s no surprise that the financial industry is also embracing new technologies, such as blockchain-enabled technology.
Many financial institutions are exploring blockchain technology to enable new payment business models, making them more scalable, transparent and secure – and leading to a better experience for their customers.
For CoinZoom, harnessing the power of blockchain in financial services can increase their efficiency, security and bottom line was a no-brainer.
“The future of finance is bright, with more companies looking to the blockchain to create better outcomes for their customers,” said Todd Crosland, CoinZoom Founder and CEO. “As a US-registered business, our mission is to help financial services businesses, digital apps, retailers and consumers benefit from this innovative technology. When money is moving, easily, securely in a more cost-effective way, everyone benefits. We share this purpose with i2c, who has been a valuable partner in empowering fintechs to embrace this financial revolution.”
Blockchain-enabled payments disrupting the financial status quo
The global blockchain market is expected to grow from $17.57 billion in 2023 to $469.49 billion by 2030 with cross-border payments and settlements being the biggest use case.
According to Juniper Research, the total value of business-to-business (B2B) cross border payments stored on the blockchain will exceed $4.4 trillion in 2024, accounting for 11% of total B2B cross-border payments.
The blockchain-enabled payments provide an architecture to support secure cross-border funds transfers, eliminating long wait times and costly fees – a game changer for both businesses and consumers alike.
Providing access to financial services for customers seeking alternatives
Just as financial institutions are dipping their toes into the world of blockchain, many consumers are also seeking alternatives to typical financial services. Blockchain-enabled financial services can help broaden access to banking and money transfers, particularly in developing markets. They can provide the opportunity to manage money securely and privately – all from a phone.
According to the World Bank, $626 billion dollars is sent from the US to middle-low-income countries each year. The six million households in America that are regularly sending these funds often wait 3-5 days for the funds to arrive and pay up to 13% in fees.
Money transfers sent via CoinZoom’s blockchain platform arrive in the recipient’s account instantly with the tap of a button, without them having to pay a fee or experience unfavorable exchange rates.
This is not just about a new financial frontier. Many consumers have expressed interest in their primary bank or credit union offering blockchain-enabled services, to keep their finances with one trusted partner. This provides a ripe opportunity for financial institutions to keep funds within their ecosystem while meeting their customers’ new or expanded needs.
Financial institutions that embrace the opportunities to utilize blockchain technology will retain customers, generate new revenue streams and create new cost savings for their business. Don’t miss the financial revolution.
i2c is a global provider of highly-configurable payment and banking solutions. Using i2c's proprietary "building block" technology, clients can easily create and manage a comprehensive set of solutions for credit, debit, prepaid, lending and more, quickly and cost-effectively. i2c delivers unparalleled flexibility, agility, security and reliability from a single global SaaS platform. Founded in 2001, and headquartered in Silicon Valley, i2c's next-generation technology supports millions of users in more than 200 countries/territories and across all time zones.
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