Cross-border modernization refers to initiatives aimed at updating and improving the systems for transferring funds across national borders. This involves increasing the speed, decreasing costs, and improving transparency in international payments. The objective is to replace antiquated methods with more efficient, technologically advanced solutions. Digital assets and blockchain technology are frequently presented as key enablers of this transformation.
Context
The push for cross-border modernization is a prominent theme in global financial discussions, particularly concerning remittances and international trade. Central banks and financial institutions are exploring distributed ledger technology for its capacity to streamline these operations. Regulatory bodies face the task of adapting existing frameworks to support new digital payment rails. This evolution seeks to address inefficiencies present in traditional correspondent banking networks.
DLT integration into core banking systems enables compliant, near-real-time settlement using commercial bank money, drastically reducing counterparty risk and operational friction.
We use cookies to personalize content and marketing, and to analyze our traffic. This helps us maintain the quality of our free resources. manage your preferences below.
Detailed Cookie Preferences
This helps support our free resources through personalized marketing efforts and promotions.
Analytics cookies help us understand how visitors interact with our website, improving user experience and website performance.
Personalization cookies enable us to customize the content and features of our site based on your interactions, offering a more tailored experience.
