Smart Contracts, Smarter Payments: Innovating Cross Border Payments and Reporting Transactions
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arXiv
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| Autori principali: | , , , |
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| Natura: | Preprint |
| Pubblicazione: |
2024
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| _version_ | 1866914889908355072 |
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| author | Mridul, Maruf Ahmed Chang, Kaiyang Gupta, Aparna Seneviratne, Oshani |
| author_facet | Mridul, Maruf Ahmed Chang, Kaiyang Gupta, Aparna Seneviratne, Oshani |
| contents | The global financial landscape is experiencing significant transformation driven by technological advancements and evolving market dynamics. Moreover, blockchain technology has become a pivotal platform with widespread applications, especially in finance. Cross-border payments have emerged as a key area of interest, with blockchain offering inherent benefits such as enhanced security, transparency, and efficiency compared to traditional banking systems. This paper presents a novel framework leveraging blockchain technology and smart contracts to emulate cross-border payments, ensuring interoperability and compliance with international standards such as ISO20022. Key contributions of this paper include a novel prototype framework for implementing smart contracts and web clients for streamlined transactions and a mechanism to translate ISO20022 standard messages. Our framework can provide a practical solution for secure, efficient, and transparent cross-border transactions, contributing to the ongoing evolution of global finance and the emerging landscape of decentralized finance. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2407_19283 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | Smart Contracts, Smarter Payments: Innovating Cross Border Payments and Reporting Transactions Mridul, Maruf Ahmed Chang, Kaiyang Gupta, Aparna Seneviratne, Oshani Computational Engineering, Finance, and Science The global financial landscape is experiencing significant transformation driven by technological advancements and evolving market dynamics. Moreover, blockchain technology has become a pivotal platform with widespread applications, especially in finance. Cross-border payments have emerged as a key area of interest, with blockchain offering inherent benefits such as enhanced security, transparency, and efficiency compared to traditional banking systems. This paper presents a novel framework leveraging blockchain technology and smart contracts to emulate cross-border payments, ensuring interoperability and compliance with international standards such as ISO20022. Key contributions of this paper include a novel prototype framework for implementing smart contracts and web clients for streamlined transactions and a mechanism to translate ISO20022 standard messages. Our framework can provide a practical solution for secure, efficient, and transparent cross-border transactions, contributing to the ongoing evolution of global finance and the emerging landscape of decentralized finance. |
| title | Smart Contracts, Smarter Payments: Innovating Cross Border Payments and Reporting Transactions |
| topic | Computational Engineering, Finance, and Science |
| url | https://arxiv.org/abs/2407.19283 |