THE POTENTIAL OF BLOCKCHAIN TECHNOLOGY IN INTERBANK PAYMENT SYSTEMS
Keywords:
Blockchain, Interbank payments, Distributed Ledger Technology (DLT), Cross-border transactions, Financial infrastructure, Transparency, Settlement speed.Abstract
This article investigates the application of blockchain technology in interbank payment systems, with a focus on its ability to improve operational efficiency, transparency, and security. The study uses a comparative qualitative methodology, analyzing both traditional and blockchain-based models such as SWIFT and JPMorgan’s Liink. Results indicate that blockchain reduces settlement time, lowers transaction costs, and enhances real-time traceability. Moreover, the implementation of decentralized ledger technology (DLT) enables a shift from trust-based to trustless systems, reducing dependence on intermediaries. Challenges such as regulatory ambiguity, system integration, and scalability are discussed. The paper concludes that while full-scale adoption is still evolving, blockchain offers a promising alternative for modernizing interbank settlements globally.
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