SAP’s latest effort will revolutionize cross-border payments.
SAP may eliminate the need for middlemen by utilizing blockchain technology and digital currencies, making payments quicker, cheaper, and more transparent.
SAP is making significant progress in its efforts to simplify cross-border payments for businesses. By using Circle’s USDC stablecoin and the Euro-pegged variant, EUROC, SAP can eliminate the hurdles that often accompany international financial transactions.
This will make it simpler and cheaper for small and medium-sized businesses to transfer and receive money worldwide.
According to Sissi Ruthe, an SAP product expert, cross-border payments are a big pain point for organizations that work with foreign partners. She cites expensive costs, long wait periods, and a lack of transparency as some of the most significant concerns.
Ruthe said digital money and blockchain technology have the potential to overcome cross-border payment difficulties. She believes that this innovative approach will result in smoother settlements and increased operational efficiency.
SAP is giving businesses a chance to try out its new cross-border payment solution for free. Participants will receive USDC and EUROC stablecoins as “play money” in self-custody wallets, which will allow them to test the solution without having to risk any real money.
Companies can use digital currencies to make sample invoice payments, giving them a hands-on experience with the speed, affordability, and reliability of digital assets. However, it is important to note that these simulations are only available on the test network and cannot be used for real-world transactions.
SAP and Circle’s collaboration is a major milestone in the development of efficient cross-border payments. By leveraging USDC, a stablecoin built on the Ethereum blockchain, the partnership ensures a secure and transparent environment for businesses to send and receive money internationally.
SAP is taking a major step towards streamlining cross-border payments by testing Circle’s USDC stablecoin. The company is embracing digital money and blockchain technology to help businesses overcome global challenges.