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Ponmeena Shankar Kannan Kanagaraj
Engagement Manager, Banking, Financial Services and Insurance, TCS
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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:
Fast-tracking mortgage originations through a ecosystem model
Climate data collection framework for effective risk management
GenAI is the future of banking
A strategy for GenAI adoption in BFSI firms