In the financial services subsector, high transaction costs and long settlement times have remained traditional factors that have held the financial system back because of high costs. We worked with a leading fintech firm to offer blockchain-incorporated cross-border payment solutions. This paper examines this approach’s practice, barriers, and effectiveness in this case.
Financial Services
Blockchain Development
In response to the outlined challenges our team suggested and deployed the blockchain decentralized ledger as the solution for the client. With the help of smart contracts and DLT, we provided secure, fast and affordable international money transfer. The process followed a client-based approach, integrating blockchain to the existing traditional financial frameworks within compliance with the existing laws.
We analyzed the existing payment processes and found some gaps that existed there.
Project milestones and clear planning were defined as lies at the heart of each project.
An easy-to-use interface was created to achieve this.
Piloted the block chain network in order to support current financial frameworks.
Most of the paper integrated a permissioned blockchain for regulatory reasons.
They also integrated automated smart contracts of payment terms to be automatically completed.
Sourced and made available third-party APIs for smooth inter-connectivity with other platforms.
Launched solution with a vast amount of testing to guarantee scalability and stability of the network against cyber threats.
Provided client communication and training of the client internal teams.
High transaction fees: The conventional method of cross-border payment involves or requires the use of several parties, making costs high.
Slow settlement times: Such settlement times could easily take days hence affecting liquidity.
Lack of transparency: This made the processes complicated since there were several stakeholders involved.
The first implementation challenge that was established by the study was as follows.
Compliance with various international financial regulations.
The company benefitted from the required services at much reduced costs. Also, there were assurances of the settlement of financial transactions within minutes.
The fee for transactions was cut in half in order to increase the service offered.
They also highlighted that financial transactions are settled in minutes rather than days, enhancing liquidity.
clients gained real-time insights into transaction status, boosting operational efficiency.
Blockchain Consultants
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