Blockchain at Georgia Tech Hosts Cross-Border Payments Showcase at The Clubhouse

Student group Blockchain at Georgia Tech partnered with us here at Tech Square ATL (TSQATL) to invite members and the local community to gather at The Clubhouse and learn about all things crypto, with a focus on the transfer of funds across separate territories.

Hosted by Luther Maday, Head of Fintech Strategy and Innovation for MoneyGram, the Showcase: Cross-Border Payments featured an evening filled with industry networking, complimentary dining, and of course, an informative presentation.

An hour later, Luther took the stage. Moderated by Pruitt Martin, Preside of Blockchain GT, he had Luther first share a bit about cross-border payments, which simply put, means making payments or transfers of funds across borders and territories. Luther also explained how it worked, citing that cross-border payments do not involve the use of the conventional and physical mode of transfer of currencies.

Luther then discussed the role MoneyGram is now playing in the world of digital payments and how cryptocurrency is disrupting international payments. MoneyGram lets users swap USD Coin for cash, anywhere in the world, for zero fees. This effectively lets you move money anywhere without spending a dime. He also informed the audience that MoneyGram recently launched a service in partnership with the Stellar blockchain to allow individuals to send the USDC stablecoin anywhere in the world for free, so that international US dollar payments can be made for free through MoneyGram.

Programmable money is seen as the next evolution for digital currency, so it made sense that Central Bank Digital Currency (CBDC) was also a big focus of the evening. Interestingly enough, CBDCs do not have to be built on top of a blockchain, but they can be. However, CBDCs have major privacy concerns for individuals, with the main challenge for government implementation being the interoperability between each nation's CBDC.

As the showcase wrapped up, Luther took the time to meet with audience members individually, answering any questions they had or discussing crypto and cross-border payments even further.

DID YOU KNOW?

Cross-border payments are funds paid to or taken in from different countries, so the location where the merchant is registered is different from the country where the customer's card was issued.

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