Credits to the Solana Foundation team

In a panel session at the solana BREAKPOINT event held in Amsterdam from October the 30th, the above topic was discussed in detail by the panellists which included Catherine Gu, Research member and Head of protocols with VISA, the GM and Head of payments of Worldpay, Nabil Manji and Head of payments at the solana foundation, Sheraz Shere.

They gave a lot of insights into the whole financial ecosystem, telling us what the banks were doing , how they’ve gone into experimentation in lieu of building for the better future. Below are the excerpts for this panel session.

In the ever-evolving realm of finance, innovation stands as the linchpin for maintaining a competitive edge. As the world embraces the sweeping tide of digital transformation, blockchain technology emerges as a formidable catalyst poised to redefine our financial landscape. Spearheading this transformative journey are industry titans like VISA, WORLDPAY, and SOLANA, collaboratively shaping the financial future.

WORLDPAY: Enabling Global Payment Processing

WORLDPAY, a heavyweight in payment processing, plays a pivotal role in orchestrating seamless transactions for businesses across the globe. With an expansive network and cutting-edge technology, WORLDPAY has cemented its reputation as a trusted ally for merchants of all sizes. As the world shifts towards a digital economy, WORLDPAY is harnessing blockchain technology to augment its offerings and deliver even greater value to its clientele.

VISA: Pioneering Payment Innovations

VISA, a household name in the payments domain, has long been a vanguard of innovation. With an extensive network of banks and merchants, VISA has revolutionized the way we engage with financial transactions. Today, VISA is directing its innovation prowess towards blockchain technology, exploring its capacity to revolutionize the global payments landscape.

SOLANA: The High-Speed Blockchain

SOLANA, a high-performance blockchain network, has garnered substantial attention owing to its scalability and rapid processing capabilities. With the capacity to handle thousands of transactions per second, SOLANA presents an appealing alternative to traditional blockchain networks, which can often grapple with congestion and high transaction fees.

Collaboration for a Brighter Financial Horizon

The alliance between VISA, WORLDPAY, and SOLANA represents a momentous stride in the financial sphere. By pooling their expertise and resources, these three luminaries are charting a path towards a more efficient, secure, and accessible financial ecosystem.

USDC Settlements: Streamlining Global Payments

A significant facet of the synergy between VISA, WORLDPAY, and SOLANA centers on stablecoin settlements. Stablecoins are digital currencies pegged to traditional fiat currencies like the US dollar, designed for reduced volatility. By deploying stablecoins for settlements, this triad can substantially slash the time and costs entailed in cross-border payments.

Guardian: Digitizing Traditional Bank Deposits

This is an experimental product of the JP Morgan Bank in the blockchain space with which they hope to improve efficiency in the banking process.

This is a welcome improvement from the days of perceived blockchain space toxicity.

Another area of synergy revolves around the digitization of conventional fiat bank deposits. Digitization entails converting tangible assets, such as fiat currency, into digital tokens tradable on blockchain networks. This move empowers VISA, WORLDPAY, and SOLANA to streamline accessibility and utilization of funds for businesses and individuals alike.

Tokenization Extends Beyond Imagination

The prospects of tokenization stretch far beyond fiat bank deposits. In the foreseeable future, we may witness the tokenization of an array of assets, from stocks and bonds to real estate and even intellectual property. Such a shift could create a more liquid and efficient market for these assets.

This shift is the outlook of most of the other financial institutions who are experimenting on tokenizing other things for the future.

VISA's Unwavering Dedication to Progress

VISA boasts a rich history of pioneering innovations and remains steadfastly committed to leading the charge in emerging technologies. As blockchain matures, VISA is poised to leverage its experience and extensive network to champion adoption and usher in positive transformations within the financial realm.

The Evolving Landscape of Finance

The financial landscape of tomorrow is likely to be marked by an escalating synergy between traditional financial institutions and blockchain technology enterprises. As these domains converge, we can anticipate a more efficient, secure, and inclusive financial ecosystem that reaps benefits for all.

With the inclusion of Blockchain and the collaboration of Heavyweights like Solana, Worldpay and VISA to build for the future on the blockchain space, we can see that the change is fast approaching and we should be positioned to adapt to the space when it gets here.

To see the panel session to this, kindly see the video recording below.