SAP opens testnet registration for cross border payments in stablecoins

Product expert at SAP, Sissi Ruthe, said cross-border payments are difficult for businesses of all sizes. They are expensive, costing up to $50, can take up to seven days to clear, and “you never know the status of the transaction,” she said.

Using digital money via blockchain technology could solve all these problems; Ruthe added that utilizing USDC or EUROC to settle payments instead of the traditional banking network does the job in minutes.

“Technically, each business partner requires a wallet which in the blockchain world is the equivalent of a bank account. These wallets can be held in self-custody, enabling cross-border payments without intermediaries.”

During the “Test Drive,” SAP will run a testnet comprised of test USDC for participants to experience the process of stablecoin settlement and “how easy cross-border payments with Digital Money will become in the future.”