Abstract:
Cross-border payments play a crucial role in facilitating global trade, remittances, and financial
transactions. However, traditional systems, such as SWIFT and correspondent banking
networks, face significant challenges in terms of inefficiency, high transaction fees, slow
processing times, and limited transparency. These systems rely on multiple intermediaries,
which contribute to delays and elevated costs. Blockchain technology offers a promising
solution by providing a decentralized, secure, and cost-efficient alternative. However, the
widespread adoption of blockchain in financial services is hindered by scalability issues,
interoperability challenges, and the need for regulatory compliance. This research aims to
design, develop, and evaluate a blockchain-based cross-border payment system that addresses
these challenges by improving transaction speed, reducing costs, and ensuring compliance with
Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
