Software Giant SAP Launched New ‘Digital Currency Hub’ Pilot for Cross-Border Payments

SAP, a multinational software corporation based in Germany, has announced a new “test drive” for a blockchain-based cross-border payment system.

According to a blog post by SAP product expert Sissi Ruthe, this innovation has the potential to greatly accelerate and decrease the expenses associated with cross-border payments by utilizing digital assets.

Ruthe said the following:

“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.”

According to Ruthe, SAP is inviting its customers to participate in a new cross-border payments initiative. The initiative involves using test versions of Circle’s USD Coin (USDC) and Euro Coin (EUROC), which are backed by the US dollar and the Euro, respectively. These test versions are also known as “play money”.

“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.”

At time of publishing, SAP is currently worth over $163 billion and has offices in 130 countries.

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“If this is the reversal, you will have to have a candle that goes into this indecision zone. There’s no way to go above it besides going into it, too.

So for me, looking at this, we tested the indecision zone before – that was in April. We got rejected there. And now we’re straight back to where we were.”