By accelerating and simplifying cross-border payments, as well as eliminating out many of the old middlemen, blockchain has the potential to improve them. It would also make money transfers more affordable at the same time. Until now, remittance expenses ranged from 5 to 20 percent. Blockchain technology through the help of a Blockchain Developer Delray Beach has the potential to lower transaction costs by a factor of 2-4 percent and allow secure, real-time cross-border transactions.
Santander was the first bank in the United Kingdom to use blockchain to send real-time international payments using a mobile app. Ripple, the founder and developer of the blockchain-based payment protocol and exchange network, offered the technology for the solution, all with the assistance of a Blockchain Developer Delray Beach.