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arXiv · 2407.19283

Smart Contracts, Smarter Payments: Innovating Cross Border Payments and Reporting Transactions

Maruf Ahmed Mridul·Kaiyang Chang·Aparna Gupta·Oshani Seneviratne
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Abstract

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.

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Maruf Ahmed Mridul, Kaiyang Chang, Aparna Gupta, Oshani Seneviratne. 2024-07-27. Smart Contracts, Smarter Payments: Innovating Cross Border Payments and Reporting Transactions. https://arxiv.org/abs/2407.19283

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