Major US Banks Bet on Blockchain and Stablecoins for Automated Payments
Major US banks like JPMorgan, Bank of America, Citigroup, and Wells Fargo are exploring blockchain technology and stablecoins to automate payment processes. They aim to create regulated digital dollar alternatives. PayPal is also expanding its corporate stablecoin services, targeting over 20 million small to medium merchants. This shift reflects a strategic interest in growth driven by automation.
American Express highlights several automated solutions to enhance payments processes, including automated AP and AR software, straight-through processing, EIPP, and digital push payments. A recent study by the company reveals that most businesses plan to improve their payments processes by 2025, with automation being a key focus.
However, 45% of businesses cite cost as the main barrier to full payments automation, followed by lack of perceived benefit (28%) and security risks (26%). Despite these challenges, 91% of business decision-makers agree that streamlined payments drive business growth. Only 17% have fully automated their payments processes, indicating significant room for improvement.
Automation in payments processing offers several advantages, such as enhanced cash flow visibility, more secure transactions, and increased operational efficiency. Moreover, 95% of business decision-makers believe streamlined payments create happy customers, with 43% planning to change their payments processes for business growth in 2025.
The shift towards automated payment processes, driven by major PNC banks and payment platforms, is expected to reshape business relationships and drive growth. Despite barriers, businesses recognize the benefits of automation and are planning to adopt these changes in the near future.
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