Implementation of Blockchain for Secure, Transparent, and Trustworthy Cross-Border Payments in Global Banking
DOI:
https://doi.org/10.70715/jitcai.2025.v2.i2.017Keywords:
Blockchain, Security, Transparency, Efficiency, Cross Border Payments, Global BankingAbstract
This paper investigated the application of the blockchain as an innovative solution for secure, transparent and confident cross border payments in global banking. This research was prompted by legacy systems' high costs, slow processing, security concerns, and lack of transparency, which reduced efficiency and user trust. The purposes were to investigate if the blockchain could improve security, transparency, trust, efficiency, adoption intention and use satisfaction of international transactions. The study design was quantitative in nature, and a structured questionnaire was used to collect data via a sampling of banking professionals, fintech gurus, corporate clients and cross-border payers. Data were analyzed through descriptive statistics and frequency distribution to find out the perception of the respondents. The findings showed that the majority of respondents have experienced inefficiencies in the current systems and were confident blockchain will provide a remedy by offering tamper-proof records, real-time tracking of transactions, reduced cost, and faster processing. In addition, the results also showed high adoption intention and favorable satisfaction expectations, which means that blockchain has potential to reshape global banking by decreasing dependence on intermediaries and increasing confidence in institutions. The research showed that clarity of regulation, organizational readiness, and user awareness are key for effective implementation. In summary, we certify that blockchain technology has potential to revolutionize cross-border payments and improve the financial global integrations.
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Copyright (c) 2025 Tanveer Ahmed Siddquee (Author)
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