24/7 multiple CBDC network could save global corporates US$100b yearly: whitepaper

GLOBAL corporates could save a cool US$100 billion annually with an "always on" multi-currency central bank digital currency (mCBDC) network that makes round-the-clock payments around the world.

This stands for an 80 per cent reduction in transaction costs, a fresh whitepaper on CBDCs by JPMorgan and Oliver Wyman showed.

They estimated that of the nearly US$24 trillion in wholesale payments that moved across borders each year, global corporates incur over US$120 billion in total transaction costs. This excludes potential hidden costs in trapped liquidity and delayed settlements.