A Systematic Review and Analysis of Blockchain Technology for Corporate Remittance and Settlement Process
Parveen Mor, Rajesh Kumar Tyagi, Charu Jain, Deepak Kumar Verma · 2021
Unlike traditional remittance approaches, blockchain infrastructure fundamentally alters international transfers. This is because blockchain provides an effective, open, and reliable method of facilitating international payments. Centered on a distributed network of computers, it may conduct global financial transactions. It helps streamline the whole payments chain by eliminating redundant intermediaries and provides near-instant payment solutions. The importance of research lies in avoiding many of the obstacles those current remittance technologies, such as reconciliation, transaction accessibility, legal record sharing, the implementation of a consistent and real-time workflow, and so on. This literature survey will allow for the development of various products and workflows in accordance with the demands of various corporate remittance applications. The corporate remittance is all about exchange of documents and information about the transacting parties for compliance purpose. In addition, we discovered more incidents of criminal activity there than in retail remittances. As a result, we discovered blockchain technologies for handling these payments. The literature review filtered all practicable methods of remittance and arbitration present in the sector. All potential solutions are represented using blockchain technology, which is capable of handling payments and records.