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

arXiv - CS - Computational Engineering, Finance, and Science Pub Date : 2024-07-27 DOI:arxiv-2407.19283

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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智能合约，智能支付：创新跨境支付和报告交易

在技术进步和不断变化的市场动态的推动下，全球金融格局正在经历重大变革。此外，区块链技术已成为广泛应用的关键平台，尤其是在金融领域。与传统银行系统相比，区块链具有更高的安全性、透明度和效率等固有优势，跨境支付已成为人们关注的重点领域。本文介绍了一个利用区块链技术和智能合约模拟跨境支付的新型框架，确保互操作性并符合 ISO20022 等国际标准。本文的主要贡献包括一个新颖的原型框架，用于实施智能合约和网络客户端以简化交易，以及一种翻译 ISO20022 标准信息的机制。我们的框架可以为安全、高效和透明的跨境交易提供实用的解决方案，为全球金融的持续发展和新兴的去中心化金融领域做出贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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arXiv - CS - Computational Engineering, Finance, and Science

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