Why Stellar is the Best Network?
Stellar is an open-source payment technology that aims to connect Financial institutions and drastically reduces the cost and time required for cross-border transfers. Cross-border transfers through regular banks are very complicated and expensive. It requires domestic banks to maintain accounts in foreign jurisdictions and in local currencies. Processing payments could take hours to even a few days.
The significant challenges in cross-border payments:
- Outdated operational systems
- Slow payment processing
- Low security and transparency
- Expensive
Stellars blockchain can shorten or even completely get rid of the delays and the complexities involved in cross-border payments of fiat currencies due to the features of the Stellar blockchain. This would mean real-time low-cost, transparent, and secured payments. This is what we aim to do at GBP Foundation. We want eGBP to be used anywhere in the world to send instant funds. The process would be expedited by using the Stellar blockchain which would mean the payment would be processed in a matter of seconds. We at eGBP Foundation believe that financial services should be fair inclusive and accessible to all and we will do this by using the Stellar blockchain.