The value of Business-to-Business (B2B) cross-border payments carried out on a blockchain will exceed $4.4 trillion by 2024, after reaching $171 billion this year.

According to a press release published by Juniper Research on Nov. 5, the firm’s new report revealed that financial institutions will save $7 billion by 2024 thanks to the advantages of blockchain-based systems.

More precisely, the report cites the lower cost, higher transparency, real-time settlement of blockchain transactions and automated Know Your Client checks based on self-sovereign identity. The author of the research, Morgane Kimmich, said:

“The implementation of blockchain is part of a wider strategy for financial institutions to digitally transform operations. Blockchain will enable stakeholders to reduce operational costs in a competitive market that is becoming increasingly commoditised.”

IBM: top blockchain solution vendor

The release also contains a ranking of the top five blockchain solution vendors based on experience in the sector, marketing efforts, customer deployments and their solutions themselves.

Technology giant IBM comes first, followed by Indian corporation financial service subsidiary Infosys Finacle, software security firm Guardtime, and then enterprise blockchain companies R3 and Ripple.

IBM came first because of the diversity of its solutions and client base. On the other hand, Infosys Finacle is believed by Juniper researchers to be a leading blockchain provider for financial institutions with global partners and popular services.

Competition for blockchain payments

While IBM, Ripple and Visa are all attempting to implement blockchain in cross-border payments, the landscape is starting to mature. Ripple, for example, has led the market since 2012 and used its early-mover advantage to add over 200 financial institution partners this year.

Nevertheless, it’s now facing increasing competition from Visa B2B Connect and IBM Blockchain World Wire, the researchers note. IBM and Visa will seek to take advantage of their global presence, brand trust and partner networks to further scale their solutions.

As Cointelegraph reported in October, United Kingdom-based financial software firm Finastra has partnered with Ripple to join RippleNet.