Proceedings of the 2022 International Conference on Bigdata Blockchain and Economy Management (ICBBEM 2022)

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Reanalysis of Cross-Border Payment Based on Blockchain Technology

Authors
Haixia Xia1, *, Lian Wang1
1South China Business College of GDUFS, Guangzhou, China
*Corresponding author. Email: 203025@gwng.edu.cn
Corresponding Author
Haixia Xia
Available Online 20 December 2022.
DOI
10.2991/978-94-6463-030-5_23How to use a DOI?
Keywords
Cross-border Payment; Blockchain Technology; SWIFT System
Abstract

The blockchain technology naturally matches with international trade payment method. The application of the block chain technology has been highly valued by financial institutions. The present payment remittance model transmitting by SWIFT system has some shortcomings, such as time-consuming process, expensive cost and opaque information. The development and innovative application of blockchain technology can solve the problems existing in the current payment model. This paper analyzes the payment model based on block chain technology. The new model is better to meet customers’ payment requirements in cross-border e-commerce business. In order to accelerate the application of block-chain technology in cross-border payment, it is suggested to digitize and standardize the original documents, formulate international conventions for blockchain cross-border payment, formulate corresponding laws and regulations, promote the organic integration between blockchain and existing cross-border payment system, increase investment in technology research and development, and solve the potential technical problems of the platform. The new model realizes the synchronization of information flow and cash flow, which is more effective and less expensive. Customer experience is improved a lot. The model is a better choice to make cross-border payment for small and medium-sized banks and individuals.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 International Conference on Bigdata Blockchain and Economy Management (ICBBEM 2022)
Series
Atlantis Highlights in Intelligent Systems
Publication Date
20 December 2022
ISBN
10.2991/978-94-6463-030-5_23
ISSN
2589-4919
DOI
10.2991/978-94-6463-030-5_23How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Haixia Xia
AU  - Lian Wang
PY  - 2022
DA  - 2022/12/20
TI  - Reanalysis of Cross-Border Payment Based on Blockchain Technology
BT  - Proceedings of the 2022 International Conference on Bigdata Blockchain and Economy Management (ICBBEM 2022)
PB  - Atlantis Press
SP  - 206
EP  - 214
SN  - 2589-4919
UR  - https://doi.org/10.2991/978-94-6463-030-5_23
DO  - 10.2991/978-94-6463-030-5_23
ID  - Xia2022
ER  -