A Consortium Blockchain Based Overseas Fund Transfer System

Domestic fund transfers are all the time immediate, handier and obtainable however in overseas fund transfer, funds are transferred from payers account to payees account through the correspondent banks, central bank and messaging network which involves intermediaries and allied charges. Blockchain Technology has grabbed the interest of financial systems due to its inventive benefits such as decentralised structure, faster speed, cost-effectiveness and more security over conventional approaches. Adopting Blockchain Technology for overseas fund transfer can overcome the transaction delays, intermediaries’ failures and recurring costs involved in the current system. In this paper, a Consortium Blockchain based overseas fund transfer process is proposed to achieve faster operations, security and transparency. Hyperledger Fabric Blockchain framework has been used for overseas fund transfer process and web-user interface is developed for the same. Simulation results demonstrate the significance of Blockchain as a promising technology for overseas fund transfer process to facilitate speed, security, transparency and efficiency for overseas fund transfer.