With involvement of payment processing agencies and regulatory control authorities in the middle, transactions are increasingly becoming a costly affair for customers
Lack of automation for inter-bank payments and verification of credit history results in delayed enterprise banking services such as credit grant, global payments, faster settlements and much more
Hackers and imposters are introducing new means of accessing secure financial data almost on a daily basis and banks are crippling to find secure solutions to keep them at bay
Lack of trustful authentication often creates friction between enterprises when dealing with payments and invoice processing and payment claims may consume plenty of time for settlements
A financial framework built with blockchain technology can solve the key challenges existing in today’s banking sector. The ideal problem faced by almost all banks is the lack of an immutable record of transactions and the lack of financial information of stakeholders to determine their genuineness. Blockchains solve this problem by facilitating transactions to be recorded and processes via a decentralized ledger that is immutable and auditable at any point of time. There is no chance of fraud since any party that tries to manipulate ledger entries will have to influence every stakeholder in the network to do so which is impossible. It also creates a secure storage for individuals and enterprises to safely divulge their identity and financial information with permission based access. Banks and financial institutions can access only permitted sections of the information for relevant official processing and elimination of middle men and regulatory authorities lead to lower transaction costs for the end user.
Shared visibility and permission based access ensure data is tamper proof within the network.
Enable faster and flexible trade of goods and services with transparent billing and contractual agreements stored in blockchain nodes for compliance.
No need for regulatory authorities to verify and process each transaction since authenticity is established automatically via immutable ledger having identity information of stakeholders.