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blockchain can eliminate many of the pain points afflict- between different platforms and protocols can facilitate
ing current cross-border processes, such as: seamless cross-border transactions, bolstering overall ef-
• More efficient and cost-effective transactions: Tradi- ficiency.
tional cross-border payments often come with delays
and high costs due to the number of intermediaries Cross-border payments players of every kind are now
involved. Blockchain can offer real-time settlement by standing at a crossroads. Traditional players must adapt
eliminating the need for these intermediaries. This and embrace new technologies, while new entrants should
not only speeds up transaction times but also prom- prioritize security, user experience, and regulatory com-
ises to significantly reduce fees, something that's pliance. With increased infrastructure, more collaboration
hugely valuable for small businesses and individuals across platforms, and user-friendly solutions tailored to
engaged in remittances. specific markets, we can unlock the full potential of block-
chain and build a truly inclusive, efficient, and accessible
• In-built security and transparency: Being built on ecosystem for sending money across borders. The year
distributed ledger technology means that blockchain's 2024 marks the first crucial steps towards realizing that
inherent security features provide a robust defense potential and creating convenient cross-border payments
against fraud. Every transaction is meticulously re- for all.
corded on a shared ledger, offering unprecedented
transparency and traceability. This helps in building Carlos Ordonez is the Business Development Manager for Clear
trust between institutions and addresses concerns Junction, https://clearjunction.com, which was founded in 2016 by a
about the lack of clarity in cross-border payments. team of financial experts dedicated to transforming the landscape of
cross-border payments. Leveraging years of experience and a deep
• More financial inclusivity and easier access: Block- understanding of banking intricacies, the company's team has crafted
chain can democratize access to cross-border pay- a suite of payment solutions powered by proprietary technology, ensur-
ments. Underserved populations, particularly in un- ing a seamless experience from start to finish. Now, with offices stra-
banked regions, stand to benefit the most. Through
decentralized exchanges and digital wallets powered tegically located in the UK, Poland and Latvia, Clear Junction offers
by blockchain, financial services can be extended a comprehensive array of payment and treasury services for global
without the need for traditional bank accounts, aid- financial entities. Carlos Ordonez can be reached at linkedin.com/in/
ing financial inclusion and contributing to economic carlos-ordonez-amador.
growth in developing countries.
• Regulatory progress and protection: Lack of formal
regulations has until now slowed blockchain adop-
tion. However, 2024 is expected to usher in huge,
positive strides in regulatory frameworks, addressing
concerns related to compliance and consumer protec-
tion. This progress will foster wider acceptance of
blockchain overall and in the realm of cross-border
payments.
Why the cross-border payments
world is ready for blockchain

We're now seeing major traditional financial institutions
embracing blockchain. When big names like J.P. Morgan
are actively exploring blockchain solutions for cross-bor-
der payments, other institutions are sure to follow and
fuel blockchain adoption even more.

Another factor is the emergence of fintech-driven solu-
tions. Innovative startups are leveraging blockchain to
create faster, cheaper, and user-friendly cross-border pay-
ment platforms. These solutions, tailored to specific mar-
ket segments, offer viable alternatives to traditional banks,
injecting healthy competition into the industry. The mo-
mentum is expected to intensify in 2024, driving increased
infrastructure development and industry-wide adoption.
In tandem with this, we're also expecting to see more col-
laborations between traditional incumbents and nimble
fintechs to solve interoperability issues and increased
efforts towards standardized solutions. Collaboration

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