SAP Introduces USDC-Based Cross-Border Payment Solution through ‘Digital Currency Hub’

SAP announced its USDC-based cross-border payment solution as part of its ‘Digital Currency Hub’ initiative. Using USDC stablecoin, this innovative payment system facilitates seamless and efficient cross-border transactions, giving businesses a secure and reliable way to send money abroad.

Global payment processes will be faster, transparent, and cost-effective with USDC integrated into SAP’s platform.

SAP Tests Blockchain for Cross-Border Payments

Germany’s SAP is testing out a blockchain-powered cross-border payments system. Sissi Ruthe, an SAP product expert, says digital assets can speed up international payments and reduce costs.

With this system, businesses can make payments much faster and more securely. You’ll also save time and money on paperwork. Moreover, it will give businesses real-time visibility into the payment process.

This system eliminates the need for manual entry and outdated payment methods, such as checks and money orders. Plus, it provides businesses with an audit trail of the payment process, which can help them identify any potential issues quickly.

It reduces the chance of errors and eliminates manual reconciliation. Payments are made quickly and accurately, which improves customer satisfaction.

Says Ruthe,

Today, cross-border payments are a hassle for many small and mid-sized enterprises with international business partners. Expensive – up to $50 USD per transaction, slow – up to seven days to transmit the money, and non-transparent – you never know the status of the transaction. These major challenges can get solved with digital money as a means of settlement and blockchain as the underlying technology.

SAP’s Innovative Payment System: Testing the Future of Cross-Border Transactions

Ruthe says SAP invites its clients to participate in a cross-border payments test. Test versions of Circle’s USD Coin (USDC), pegged to the US dollar, and Euro Coin (EUROC), pegged to the Euro, are available. Clients can try out the payment system firsthand with these test versions.

A blockchain-based cross-border payment solution is part of SAP’s larger effort. With this, SAP hopes clients can make international payments faster and more securely.

As part of the Test Drive, you will receive test USDC as play money to pay a sample invoice that you will also receive during onboarding. Being for experimental purposes only, the Test Drive does not operate on the main blockchain but on a test network and does not involve true coins. Consequently, you cannot and must not make any real-world payments when using the test drive but just experience how fast, affordable, and reliable cross-border payments will look like.

Currently, SAP is worth $163 billion and operates in 130 countries. It has over 95,000 employees. SAP is one of the largest enterprise software companies in the world.

Almost every industry uses its products and is a leader in enterprise application software. For business operations, SAP also makes cloud computing and analytics software.

SAP’s software solutions are designed to help companies of all sizes in different industries streamline their processes, increase efficiency, and improve their overall performance.

By leveraging cloud computing and analytics, businesses can gain insights into their operations and use them to make better decisions.