Streamlining Cross Border Payment Processing with Blockchain
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Revamping payment processing using blockchain platforms
Adoption of blockchain for cross border payment processing is gaining traction in the banking, financial services and insurance (BFSI) industry. While many banks are experimenting with proofs of concept (PoC) for blockchain platforms for payment processing, the industry is yet to witness widespread adoption. This can be attributed to a lack of clarity on the approach to be adopted for seamless blockchain implementation in the payments arena. In our view, adopting uniform standards across technology, governance, security, and regulatory compliance can help mitigate risks and pave the way for trouble free adoption of blockchain platform for payment processing. To achieve this banks must:
- develop common technical standards to enable interoperability
- adopt standardized mode of communication
- lay down governance standards to enable modification to transactions
- lay down stringent security standards
- consider all the regulatory implications of blockchain adoption
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