JPMorgan Report Says CBDCs Can Save Banks $100B a Year in Cross-Border Costs

JPMorgan Report Says CBDCs Can Save Banks 0B a Year in Cross-Border Costs
A central bank digital currency (CBDC) network could save the JPMorgans of the world over $100 billion a year in transaction costs when it comes to cross-border payments.So says a report published Wednesday by consulting firm Oliver Wyman and megabank JPMorgan called “Unlocking $120 Billion Value in Payments.”The report estimates that of the nearly $24 trillion in wholesale payments that move across borders each year, banks incur more than $120 billion in total transaction costs; this excludes potential hidden costs in trapped liquidity and delayed settlements.“The case for CBDCs to address pain points in cross-border payments is very compelling,” said…