Smart Contracts, Smarter Payments: Innovating Cross Border Payments and Reporting Transactions
<|reference_start|>Smart Contracts, Smarter Payments: Innovating Cross Border Payments and Reporting Transactions: 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.<|reference_end|>
@article{mridul2024smart,
    title={Smart Contracts, Smarter Payments: Innovating Cross Border Payments and
  Reporting Transactions},
    author={Maruf Ahmed Mridul, Kaiyang Chang, Aparna Gupta, Oshani Seneviratne},
    journal={arXiv preprint arXiv:2407.19283},
    year={2024},
    archivePrefix={arXiv},
    eprint={2407.19283},
    primaryClass={cs.CE}
}