Juniper Research: B2B Cross Border Payments to Boom on Blockchain

A new report suggests mind-blowing growth on blockchain payments.

Juniper Research predicts that B2B cross-border payments on Blockchain platforms like Ripple will boom over the next five years. The report suggests that these payments will boom from $171 billion this year to $4.4 trillion by 2024.

“The implementation of blockchain is part of a wider strategy for financial institutions to digitally transform operations,” said report author Dr. Morgane Kimmich. “Blockchain will enable stakeholders to reduce operational costs in a competitive market that is becoming increasingly commoditized”.

The report also suggests that Blockchain systems will save banking institutions at least $7 billion through 2024. The report also conducted a study of 15 blockchain vendors and scored these firms’ marketing, customer solutions, and general experience.

Juniper Research ranked the following companies in the top five.

1. IBM thanks to its diverse blockchain products and strong client base;
2. Infosys Finacle for its financial solutions and global partnerships;
3. Guardtime;
4. R3; and,
5. Ripple

Juniper Research Talks Ripple

The report states that Ripple has been the leader in cross-border blockchain payments since 2012. It now has more than 200 financial institution partners this year.

The report comes the same week that Ripple CEO Brad Garlinghouse made a major prediction about cryptocurrencies and blockchain. Garlinghouse said that 99% of all cryptocurrencies will be worthless in the future.

“There are more than 3,000 different digital assets that are traded daily,” he said. “I have said before that I think 99 percent of all crypto is likely to go to zero, but there is that one percent that is aimed at solving real problems for real customers and can do that on a scale, and that will be groundbreaking.”

Related: Ripple’s Blockchain to Support Finastra’s Cross-Border Payments