In this Blockchain Journal Podcast episode, host David Berlind discusses SAP's initiative to tackle one of the biggest challenges businesses have when making or receiving payments with cryptocurrency; the record-keeping and integration of everything having to do with those payments into existing business workflows and systems. David's guest for this interview is SAP Vice President of Product Management Innovation Bernhard Schweizer.

One of the primary challenges for enterprises of all sizes is the current inability to seamlessly integrate cryptocurrency payments into back-office accounting systems which, not coincidentally, are also the systems of record when it comes to any business's compliance with government regulations (whether they're the older traditional finance regulations or ones that are just now emerging for cryptocurrency and blockchain). SAP's solution for these challenges is SAP Digital Currency Hub.

During the interview, SAP's Schweizer gives David a demonstration of how the solution not only tracks inbound and outbound cryptocurrency payments but it also ties those payments into existing SAP accounting modules such as that for invoicing.

During the demo, Schweizer shows how the Digital Currency Hub allows businesses can make and receive payments using stablecoins. One reason SAP is addressing this need is due to its customers' rising interest in working with cryptocurrency as a form of payment due to its faster settlement times, low transaction fees, and multi-party transparency (all of which are regarded as some of the unique value propositions of blockchain).

Schweizer's demo also showcases the platform's user interface, highlighting features like payment creation, account reconciliation, and its self-custodial wallet solution. He emphasizes the importance of stablecoins in cross-border payments, providing stability and reducing the risks of volatility associated with non-stablecoin cryptocurrencies. The platform is currently in the pilot phase, with open APIs that allow easy onboarding for both SAP and non-SAP customers.

To watch the video version of this podcast or read its full-text transcript, go to:

https://www.blockchainjournal.com/interview/saps-digital-currency-hub-eases-pain-enterprise-crypto-payment-recordkeeping-and

The video can also be watched on Blockchain Journal's YouTube Channel at

https://www.youtube.com/watch?v=1sbgoeCDidI