ACCENTURE: 9 OUT OF 10 MAJOR BANKS IN NORTH AMERICA AND EUROPE ARE EXPLORING BLOCKCHAIN TECHNOLOGY FOR PAYMENTS

Last updated: June 19, 2025, 20:53 | Written by: Raoul Pal

The financial landscape is undergoing a seismic shift, and at the epicenter of this transformation is blockchain technology. Digital payments are gaining popularity as cash usage declines around the world. While card payments still dominate in countries where they have a large incumbent advantage, digital products like payment apps, digital wallets, buy now pay later, and account-to-account (A2A) payments are gaining traction.According to a recent Accenture report, a staggering 9 out of 10 major banks across North America and Europe are actively exploring blockchain technology for payments. Accenture has estimated that the biggest investment banks could save $10bn by using blockchain technology to improve the efficiency of clearing and settlement. Richard Lumb, head of financialThis isn't just a passing fad; it's a fundamental change in how banks envision the future of transactions.The report, titled ""Blockchain Technology: How banks are building a real-time global payment network,"" delves into the motivations, challenges, and potential rewards of adopting this innovative technology. North America Latin America Usage of Next -Generation Payment Methods Asia-Pacific Europe High High Low Note: Circle size reflects GDP Usage of Traditional Payment Methods Source: Accenture Payments Survey, 2025; The World Bank, 2025 7 Payments Gets Personal The future is digital, even for face-to-face paymentsBased on a survey of 32 top commercial banking professionals, including executives from 11 of the top 20 U.S. banks, the findings highlight a clear trend: blockchain is no longer a futuristic concept but a present-day priority. Source: Accenture, 2025, Global Payments Revenue Model. Click/tap on image to enlarge. 1. Existing . PSD2 in Europe is over two years old now. User journeys have improved in that time and some of the players have invested millions to solve for the new pain points.Banks are recognizing the potential for reduced costs, increased efficiency, and enhanced security that blockchain offers.But what exactly is driving this widespread adoption, and what hurdles must these institutions overcome to fully realize the benefits of blockchain in the payments ecosystem? The report Blockchain Technology: How banks are building a real-time global payment network is based on a survey of 32 top commercial banking professionals that was designed to assess their views on the potential of blockchain technology to transform the payments business. The survey included executives from 11 of the top 20 U.SLet's delve into the details.

The Rise of Blockchain in Banking: A Payment Revolution

The traditional banking system, while robust, often suffers from inefficiencies, high transaction costs, and slow processing times. Blockchain technology offers a compelling alternative, promising to streamline operations and enhance the overall customer experience. Use the Accenture Locations page to find an office near you. Read more.The impetus for this exploration comes from several directions:

Cost Reduction: Accenture estimates that the biggest investment banks could save $10 billion by using blockchain technology to improve the efficiency of clearing and settlement. Gen AI will undoubtedly be disruptive, but we re confident that most of this will be positive. Our recent Art of AI Maturity survey on the topic involving 1,600 C-suite executives at many of the world s largest companies found that 42% of those leading the way have already achieved a return on their AI investments that exceeds their expectations.More broadly, blockchain has the potential to reduce 30% of banks' infrastructure costs.
Increased Speed: Blockchain enables real-time payments, eliminating the delays associated with traditional payment rails. 320a06.hcF7neopl4nVpxqn3qpqrrMkzeFIu640xmaQU_hSlhc.y_MK2Jt9_-Xm7S3ptvIEx-tB_qRl2M9XrjbKZ7kX_2PG-QjToVHh_YD4eQ Log inTransactions can be executed directly between banks without intermediaries.
Enhanced Security: The decentralized and immutable nature of blockchain makes it inherently more secure than centralized systems, reducing the risk of fraud and cyberattacks.
Competitive Pressure: Fintech companies and tech giants are disrupting the payments landscape, forcing traditional banks to innovate to remain competitive. 5. Central Bank Digital Currencies. Think of these as secure, government-backed cryptocurrencies electronic money designed to let central banks benefit from the convenience and utility ofAccording to research, two out of five commercial payments clients already prefer fintechs and bigtechs over their banks for innovative value-added payments services.

Key Findings from the Accenture Report

The Accenture report provides valuable insights into the current state of blockchain adoption in the banking sector. Why payments matters. Payments is evolving at speed, becoming faster, smarter and increasingly fragmented. Rising consumer adoption of new payment methods is fueled by the seamless payment solutions delivered by nimble, digital-first fintech and tech giants forces reshaping the way the world transacts.Here are some of the most noteworthy findings:

Widespread Exploration: As mentioned, 90% of major banks in North America and Europe are actively exploring blockchain for payments.
Focus on Real-Time Payments: The report highlights the potential of blockchain to create a real-time global payment network, enabling faster and more efficient cross-border transactions.
Challenges with Legacy Systems: Many banks struggle with outdated payments IT systems, which can hinder the implementation of blockchain solutions.
Open Banking Integration: Implementing Open Banking is critical for banks to compete with new entrants such as fintechs and tech giants. 63% of banks in North America believe this is crucial, compared to 51% in Europe and 40% in Asia Pacific.

Overcoming the Challenges: Legacy Systems and Technical Debt

While the potential benefits of blockchain are clear, banks face significant challenges in implementing this technology. NEW YORK; Jan. 17, 2025 Blockchain technology could reduce infrastructure costs for eight of the world s 10 largest investment banks by an average of 30 percent, translating to $8 billion to $12 billion in annual cost savings for those banks, according to a new report by Accenture (NYSE: ACN) and McLagan which is part of Aon Hewitt, aOne of the biggest obstacles is the prevalence of legacy payments IT systems. Accenture embraces the power of change to create 360 value and shared success for our clients, people, shareholders, partners and communities. Learn more.North American banks, in particular, are burdened by outdated infrastructure and significant technical debt. According to a new report by Accenture, 9 out of 10 major banks in North America and Europe are exploring the use of Blockchain technology for payments. 658 Total views 236 Total sharesIn fact, 58% of North American banks face this challenge.

These legacy systems are often complex, fragmented, and difficult to integrate with new technologies like blockchain.The application integration layer often carries the most technical debt. The survey found that nearly two-thirds (63 percent) of banks in North America believe that implementing Open Banking is critical to competing with new entrants such as fintechs and tech giants and will help banks remain relevant, compared to half (51 percent) of executives surveyed in Europe and two-fifths (40 percent) in Asia Pacific.To overcome this challenge, banks need to invest in modernizing their IT infrastructure and developing strategies for integrating blockchain solutions with their existing systems. The report Blockchain Technology: How banks are building a real-time global payment network is based on a survey of 32 top commercial banking professionals that was designed to assessThis might involve a phased approach, starting with pilot projects and gradually expanding the implementation as the technology matures.

The Fintech Factor: Driving Innovation in Payments

Fintech companies are playing a crucial role in driving innovation in the payments landscape.These agile, digital-first companies are often more adept at adopting new technologies and delivering innovative solutions to customers. Specifically, by applying blockchain technology to payments, transactions can be executed directly between banks without any third party, thus simplifying the process and offering many advantages to banks, such as lower transaction and operational costs, as well as increased processing speed (Buithenek 2025; Fanning and Centers 2025; Guo andAs consumers demand easier, faster, and more personalized service models, fintech companies are well-positioned to meet these needs.

Many fintech firms focus specifically on excelling in regulatory compliance, back-office processes, and outstanding customer service, which puts them in a strong position to grow and exceed the capabilities of more established players in the field.Traditional banks are recognizing the threat posed by fintech companies and are increasingly looking to partner with them or acquire them to gain access to their technology and expertise.This collaboration can help banks accelerate their adoption of blockchain and other innovative payment solutions.

Blockchain Use Cases in the Payments Industry

Blockchain technology can be applied to a wide range of use cases in the payments industry.Here are some of the most promising examples:

Cross-Border Payments: Blockchain can streamline cross-border payments by eliminating intermediaries and reducing transaction costs.This is particularly beneficial for businesses that operate internationally.
Supply Chain Finance: Blockchain can improve transparency and efficiency in supply chain finance by providing a secure and immutable record of transactions.
Digital Identity: Blockchain can be used to create secure and verifiable digital identities, which can simplify KYC (Know Your Customer) and AML (Anti-Money Laundering) processes.
Central Bank Digital Currencies (CBDCs): Central banks are exploring the possibility of issuing digital currencies using blockchain technology.These CBDCs could offer a more efficient and secure way to make payments.

The Future of Payments: Trends to Watch

The payments industry is evolving at an unprecedented pace, with several key trends shaping its future:

Real-Time Payments: The demand for real-time payments is growing rapidly, driven by the need for faster and more efficient transactions.
Subscription Innovations: Subscription models are becoming increasingly popular, and payment solutions need to adapt to support these recurring payments.
AI-Powered Tools: Artificial intelligence (AI) is being used to improve fraud detection, personalize customer experiences, and automate payment processes. Accenture provides banking consulting services to help banks and payments providers embrace bold new approaches to managing disruption. Learn more. Accenture Banking helps banks and payments providers win in the digital economy and get ready for what s next.Payments data unlocks real-time insights for clients and is the foundation for pursuing new possibilities with AI.Explore data enrichment strategies to convert payments data into relevant and timely insights your clients are prepared to pay for.
Pay-by-Bank Solutions: Pay-by-Bank solutions, which allow customers to make payments directly from their bank accounts, are gaining traction.
Digital Wallets: Digital wallets are becoming increasingly popular as a convenient and secure way to store and make payments.

How Banks Can Prepare for the Blockchain Revolution

For banks to successfully navigate the blockchain revolution and capitalize on its potential, they need to take proactive steps. Whatever strategy they choose, now is the time for payments players to put a stake in the ground that will ensure their future growth and relevance. To learn more about the future of consumer payments, read Payments Gets Personal, a report based on surveys of more than 16,000 consumers in Asia, Europe, Latin America and North America.Here are some recommendations:

Assess Current Infrastructure: Banks need to evaluate their existing IT infrastructure and identify areas that need to be modernized.
Develop a Blockchain Strategy: Banks should develop a clear blockchain strategy that aligns with their overall business goals.
Invest in Talent: Banks need to invest in training and hiring employees with blockchain expertise.
Partner with Fintech Companies: Collaborating with fintech companies can provide access to valuable technology and expertise.
Embrace Open Banking: Implementing Open Banking is crucial for competing with new entrants and remaining relevant in the digital economy.
Focus on Security: Security should be a top priority when implementing blockchain solutions.
Start with Pilot Projects: Banks can start with small-scale pilot projects to test the feasibility of blockchain applications before deploying them on a larger scale.

The Role of Accenture in Banking Transformation

Accenture plays a pivotal role in helping banks and payments providers navigate the complexities of digital transformation.Accenture offers a range of banking consulting services designed to help financial institutions embrace bold new approaches to managing disruption and winning in the digital economy.Accenture Banking helps banks and payments providers win in the digital economy and get ready for what’s next.

What Does This Mean for Consumers?

While much of the discussion revolves around banks and financial institutions, it's important to consider the impact of blockchain adoption on consumers. Challenge 1: Banks struggle with legacy payments IT systems. North American banks are burdened by outdated payments IT systems and significant technical debt, with 58% facing this challenge. When we take a closer look at the payments technology stack, the application integration layer carries the most technical debt for North American banksThe benefits for consumers include:

Faster Payments: Real-time payments mean faster access to funds and quicker settlement of transactions.
Lower Fees: Reduced transaction costs for banks can translate into lower fees for consumers.
Enhanced Security: Blockchain's security features help protect consumers from fraud and cyberattacks.
Greater Transparency: Blockchain provides a more transparent record of transactions, giving consumers greater visibility into their financial activity.
More Innovative Services: As banks adopt blockchain and partner with fintech companies, consumers can expect to see more innovative payment solutions and personalized services.

Examples of Blockchain Payments in Action

To understand better how blockchain is being applied, here are some practical examples:

Ripple: Ripple is a blockchain-based payment protocol that facilitates cross-border payments.It's designed to enable faster and cheaper international transactions compared to traditional methods like SWIFT.
Stablecoins: Stablecoins are cryptocurrencies pegged to a stable asset like the US dollar. 96b7b9d840d2512a2f2b81ac70eaa.XEvKWHxlktJAlCLMLigdlYp36oyNSeEHF9fbWiQmOAE.Bj2FMDZT_6Uw00miXmJc78girOD6IrFmYYWQbm1oaXgteqYIHTL_kyzlcwThey offer the benefits of blockchain technology, such as fast and secure transactions, without the price volatility associated with other cryptocurrencies.Examples include USDT (Tether) and USDC (USD Coin).
JPM Coin: JPMorgan Chase has developed its own digital currency, JPM Coin, for use in wholesale payments.It's designed to streamline transactions between the bank's institutional clients.

The Impact of Generative AI on the Financial Sector

While blockchain is a driving force, the impact of Generative AI (GenAI) is also substantial. Payments data unlocks real-time insights for clients and is the foundation for pursuing new possibilities with AI. Explore data enrichment strategies to convert payments data into relevant and timely insights your clients are prepared to pay for.This disruptive technology, with all its potential benefits, is also likely to change banking.Accenture's Art of AI Maturity survey involving 1,600 C-suite executives found that 42% of those leading the way have already achieved a return on their AI investments that exceeds their expectations. 332d2559e66d b af6a9.nKr9SCQ2fAEObd4_bp3Fs8bXTHWYjQRLbLNvih6wMwg.9-W8AElZL0c4JKQJQ8eT8ra2fAbIy2x9HvdX4kHhYGzG-qk-bXk4QEcu7g Log inThe use of GenAI coupled with blockchain solutions will further refine banking and payment capabilities.

Conclusion: Embracing the Future of Finance

The fact that 9 out of 10 major banks in North America and Europe are exploring blockchain technology for payments is a clear indication that this technology is poised to transform the financial industry. The report, Payments Gets Personal, is based on a survey of more than 16,000 consumers in 13 countries across Asia, Europe, Latin America and North America.It explores how leading banks and payments players can increase their relevance in the consumer transaction journey and capitalize on future payment innovations.While challenges remain, the potential benefits of reduced costs, increased efficiency, and enhanced security are too compelling to ignore.Banks that embrace blockchain and partner with fintech companies will be best positioned to thrive in the evolving payments landscape. Unlike their more agile digital challengers, many banks aren t adapting fast enough to deliver next-generation payment solutions. Last year s research revealed that 2 out of 5 commercial payments clients already prefer fintechs and bigtechs over their banks for innovative value-added payments services.Those that hesitate risk falling behind and losing market share to more agile and innovative competitors.The time for exploration is over; the time for implementation is now. Top 10 Banks by Assets. Bank One Overview. Bank Two Overview. Bank Three Overview. Influence of Leading Banks. Economic Contributions. Technological Innovations. Environmental Initiatives. Regional Banking Leaders. North America Overview. Europe Overview. Asia Overview. Trends in Global Banking. Digital Transformation. Sustainability EffortsThe future of finance is being built on blockchain, and banks need to be at the forefront of this revolution. Most importantly, digitization enables banks to gain valuable, timely insights into operations, customers and markets and to empower the right people to effectively execute the organization's vision. We're helping banks realize the limitless power of digital and manage their customer relationships in entirely new and distinctive ways.To learn more about how Accenture is helping banks realize the limitless power of digital transformation, visit their website.The key takeaways are: Blockchain is transforming payments, legacy systems are a challenge, fintech partnerships are crucial, and consumer benefits are substantial.