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Understanding the Impact of Blockchain on Banking: Cross-Border Payments

OMFIF | May 22, 2023

OMFIF Role of Blockchain in Banking - Understanding the Impact of Blockchain on Banking: Cross-Border Payments

In an evolving digital landscape, blockchain technology is poised to significantly enhance banking operations, particularly cross-border payments. Institutions are actively exploring potential applications, despite facing regulatory obstacles.

  • This insight is presented in a report from OMFIF and CCBU, which explores the impact of blockchain and distributed ledger technology (DLT) on the business models of financial institutions. The study consults a range of experts from various sectors, such as fintech and blockchain industry, while reviewing regulatory and policy aspects of financial technology.

See:  CB Insights report features over 50 sectors Blockchain is transforming (beyond just banking)

  • Yet, regulation of blockchain in financial services remains a challenge, necessitating major advancements at both domestic and global levels.
    • The shift from centralized to decentralized economic activities, spurred by blockchain and DLT, underlines the diverse regulatory and legal risks that could arise based on different use cases.
  • Future trends in blockchain technology in banking point to payment solutions as the most likely dominant application.
    • However, banks must confront hurdles like regulatory compliance and scalability.
    • As blockchain evolves, it continues to present fresh features and opportunities, thereby promising a transformative impact on the banking sector.

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NCFA Jan 2018 resize - Understanding the Impact of Blockchain on Banking: Cross-Border PaymentsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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