1.Background/ Problem Statement

Cross-border payments are a necessary activity for many businesses, people, and governmental organizations. Many businesses serve customers from other countries and rely on suppliers for goods, so they must be able to receive and make payments across borders.

Similarly, many people rely on the ability to easily send or receive cross-border payments, such as international migrants who send money to family members in their home countries or individuals who buy from foreign retailers online.

When these types of payments are combined – those sent from one jurisdiction to another by an individual, business, or government agency – they are referred to as “cross-border retail payments.”

Our Blockchain-based Cross-Border Payment System enables bank customers to make international payments and track the status of their transactions. In this project, the front-end involves Html, CSS, and JavaScript and the back-end involves ASP.NET. The IDE used is Visual Studio and the database is MSSQL.

1. Working of the Project

In this system, in order to access the system, the bank registers with bank information. Banks have access to the account information and personnel information which customers have provided. They have access to every customer transaction. Using intermediary banks, transactions can be carried out, along with a status indicating whether they were altered or tempered. If the transaction’s currency is different, some cross-border payments require the services of an intermediary bank. All customer feedback can be viewed.

The customer also needs to register with details to log in to the system. They are able to add and modify personnel and account information. The system contains the bank list. Customers can connect to the bank by providing their respective bank account information. They can make a transaction by filling in with necessary details. All transactions can be viewed, along with a status indicating whether or not the transaction was modified or tempered. Customer can share their experience of using the system and suggestions for improvement.

1. Advantages

• It’s easy to maintain.
• It’s user-friendly.
• View transactions with ease, as well as a status indicating whether or not the transaction was modified or tempered.
• Make international payments with minimal effort.

1. System Description

The system comprises 2 major modules with their sub-modules as follows: 

• BANK:
• Register 
• Bank register with details
• Login
• View Customers
• Customers personnel Details provided to Bank
• Customer Account Details
• Account Details of customers
• Transactions
• Transactions made by Customers. Transactions can be made by using Intermediary Bank. Along with a status if the transaction was modified or tempered.
• Connect to Intermediary Bank
• Some Cross-border payments need an Intermediary bank. If the Currency of the transaction is different.
• View feedback
• All Customer feedback is listed in the module.

• CUSTOMER:
• Register
• Customer Register with Details
• Login
• Details (My Profile)
• Personnel and Account Details.
• Connect to Bank
• Bank List available in System. Customers can connect to the bank by providing Account Details of that respective bank.
• Transaction
• Make a Transaction by filling in details.
• View Transactions
• All Transactions of that respective customer along with a status if the transaction was modified or tempered
• Feedback 
• Customer can share their experience of using the system and suggestions for improvement.

1. Project Life Cycle

The waterfall model is a classical model used in the system development life cycle to create a system with a linear and sequential approach. It is termed a waterfall because the model develops systematically from one phase to another in a downward fashion. The waterfall approach does not define the process to go back to the previous phase to handle changes in requirements. The waterfall approach is the earliest approach that was used for software development.

1. System Requirements

1. Hardware Requirement

1. Laptop or PC

• Windows 7 or higher
• I3 processor system or higher
• 4 GB RAM or higher
• 100 GB ROM or higher

1. Software Requirement

1. Laptop or PC

• Visual Studio 2019
• SQL Server Management Studio’s latest

1. Limitation/Disadvantages

• Some cross-border payments require the services of an intermediary bank if the transaction’s currency is different.

1. Application – This application helps bank customers to make cross-border payments.

1. Reference

• https://www.researchgate.net/publication/221184417_System_Architecture_for_Cross_Border_Payment_A_Case_Study_for_the_Financial_Services_Industry
• https://www.bis.org/cpmi/publ/d202.pdf
• https://www.bis.org/cpmi/publ/d173.pdf
• https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/A%20vision%20for%20the%20future%20of%20cross%20border%20payments%20final/A-vision-for-the-future-of-cross-border-payments-web-final.ashx