Blockchain-based Cross Border Payment System
1) Background/ Problem Statement
Cross-border payments are a necessary activity for many businesses,
people, and governmental organizations. Many businesses serve
customers from other countries and rely on suppliers for goods, so they
must be able to receive and make payments across borders.
Similarly, many people rely on the ability to easily send or receive cross-
border payments, such as international migrants who send money to
family members in their home countries or individuals who buy from
foreign retailers online.
When these types of payments are combined – those sent from one
jurisdiction to another by an individual, business, or government
agency – they are referred to as "cross-border retail payments."
Our Blockchain-based Cross-Border Payment System enables bank
customers to make international payments and track the status of their
transactions. In this project, the front-end involves Html, CSS, and
JavaScript and the back-end involves ASP.NET. The IDE used is Visual
Studio and the database is MSSQL.
2) Working of the Project
In this system, in order to access the system, the bank registers with
bank information. Banks have access to the account information and
personnel information which customers have provided. They have
access to every customer transaction. Using intermediary banks,
transactions can be carried out, along with a status indicating whether
they were altered or tempered. If the transaction's currency is
different, some cross-border payments require the services of an
intermediary bank. All customer feedback can be viewed.
The customer also needs to register with details to log in to the system.
They are able to add and modify personnel and account information.
The system contains the bank list. Customers can connect to the bank
by providing their respective bank account information. They can make
a transaction by filling in with necessary details. All transactions can be
viewed, along with a status indicating whether or not the transaction
was modified or tempered. Customer can share their experience of
using the system and suggestions for improvement.
3) Advantages
- It’s easy to maintain.
- It’s user-friendly.
- View transactions with ease, as well as a status indicating
whether or not the transaction was modified or tempered.
- Make international payments with minimal effort.
4) System Description
The system comprises 2 major modules with their sub-modules as
follows:
BANK:
• Register
- Bank register with details
• Login
• View Customers
- Customers personnel Details provided to Bank
• Customer Account Details
- Account Details of customers
• Transactions
- Transactions made by Customers. Transactions can be
made by using Intermediary Bank. Along with a status
if the transaction was modified or tempered.
• Connect to Intermediary Bank
- Some Cross-border payments need an Intermediary
bank. If the Currency of the transaction is different.
• View feedback
- All Customer feedback is listed in the module.
CUSTOMER:
• Register
- Customer Register with Details
• Login
• Details (My Profile)
- Personnel and Account Details.
• Connect to Bank
- Bank List available in System. Customers can connect
to the bank by providing Account Details of that
respective bank.
• Transaction
- Make a Transaction by filling in details.
• View Transactions
- All Transactions of that respective customer along with
a status if the transaction was modified or tempered
• Feedback
- Customer can share their experience of using the
system and suggestions for improvement.
5) Project Life Cycle
The waterfall model is a classical model used in the system
development life cycle to create a system with a linear and sequential
approach. It is termed a waterfall because the model develops
systematically from one phase to another in a downward fashion. The
waterfall approach does not define the process to go back to the
previous phase to handle changes in requirements. The waterfall
approach is the earliest approach that was used for software
development.
6) System Requirements
I. Hardware Requirement
i. Laptop or PC
Windows 7 or higher
I3 processor system or higher
4 GB RAM or higher
100 GB ROM or higher
II. Software Requirement
ii. Laptop or PC
Visual Studio 2019
SQL Server Management Studio’s latest
7) Limitation/Disadvantages
- Some cross-border payments require the services of an
intermediary bank if the transaction's currency is different.
8) Application – This application helps bank customers to make
cross-border payments.
9) Reference
- https://www.researchgate.net/publication/
221184417_System_Architecture_for_Cross_Border_Payment_A_Cas
e_Study_for_the_Financial_Services_Industry
- https://www.bis.org/cpmi/publ/d202.pdf
- https://www.bis.org/cpmi/publ/d173.pdf
- https://www.mckinsey.com/~/media/McKinsey/Industries/Financial
%20Services/Our%20Insights/A%20vision%20for%20the%20future
%20of%20cross%20border%20payments%20final/A-vision-for-the-
future-of-cross-border-payments-web-final.ashx
