WCT's Efficiency Improvement Practices in Cross-Border Trade Settlement
In traditional cross-border trade, the settlement process involves multiple banks and agencies, often taking 3-7 days to complete, with fees as high as 3%-5% of the transaction amount. WCT relies on blockchain's distributed ledger technology to achieve peer-to-peer settlement in cross-border trade. After both parties reach an agreement through a WCT-supported platform, smart contracts automatically execute the payment process, reducing the fund arrival time to within 2 hours and lowering the fees to below 0.5%. A foreign trade enterprise using WCT for China-Europe trade settlement saw a 40% reduction in annual settlement costs and a 60% improvement in capital turnover efficiency, effectively addressing the pain points of traditional settlement, such as 'long time, high costs, and multiple steps'.