Design Development and Evaluation of a blockchain based cross order payment system for enhanced efficiency cost reduction and regulatory compliance.

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.