How Blockchain is Solving the Pain Points in the Payments Sector

1. How Blockchain is Solving the Pain Points in the Payments Sector

2. How Blockchain is Solving the Pain Points in the Payments Sector • Digital security has always been an issue for payment organizations and their customers. Transparent and immediate payment is the basic need. To enhance and popularize digital payments and be more customer-focused, payments need to be made easy, fast, and highly secure.  • Blockchain technology has come up with the solution which addresses the payment security needs, transaction transparency and boosts the overall efficiency of financial transactions. The technology works on a no-intermediaries method that excludes the need for a primary regulator.  • Use Case – Peer to Peer Cross border transaction • The main challenges in these cross-border payments are:   • Transaction Speed: It takes an average of three to five business days to complete a cross-border transaction. A significant time zone difference between the two involved currency jurisdictions plays a vital role. To settle each currency leg, the funds need to be transferred through the relevant domestic payment systems, and the operating hours of these domestic payment systems may vary across international time zones, hence delaying the settlement of the transactions. 

3. How Blockchain is Solving the Pain Points in the Payments Sector Trust and transparency are the keys for payment transactions, and blockchain provides the same. However, enterprises that are going to adopt blockchain deal with privacy and security concerns, fear about the blockchain integration process, integration challenges with legacy systems, high energy consumption, and high initial investments. Cigniti is one of the few IT service providers to have invested in a couple of its own blockchain sandboxes across Hyperledger Fabric and R3 Corda technologies. These sandboxes are designed to quickly create a viable prototype for any business application, providing a ready environment to test the viability of the concept and effectiveness of its configuration. Cigniti offers targeted testing services for applications that include comprehensive validation methods across API testing, functional and non-functional testing, integration testing, security testing, compliance testing, and performance testing, and also includes specialized testing features, such as peer/node testing and smart contract testing. Need help? Talk to our Blockchain Testing experts to learn more about Hyperledger Fabric and R3 Corda, and identify the issues a typical blockchain project has, and how Cigniti can help with making the blockchain compliant. Read the full blog to know more: https://www.cigniti.com/blog/blockchain-pain-points-payments