• Mallieswari R
• Manish Kumar Sahu

The banking industry is one of the prominent sectors in any of the economy. Many innovations have been done in the sector to have a smooth flow of operation inside and outside the banks. Also, there has been set up of many innovation labs to deal with recent technology. One of technology which is making buzz all around the world is blockchain. It is considered to be a prominent technology in the banking sector. This technology has the potential to tremendously affect the strategies for closing and affirming transaction, optimizing assets, and also numerous different business forms which inside and out record for billions of dollars in yearly costs for banks today. Blockchain technology provides a high layer for security in storing and transmitting data, decentralization, open network infrastructure and low cost of operation. All these impressive features make it more promising in the restricted banking industry. Giants banks like Goldman Sachs, JP Morgan and many more already started the implementation of the blockchain. Due to the large volume of data in cross-border money transfer, it involves more transaction cost and time. Implementation of blockchain in this area would be a step-in cost saving and reduce turnaround time as also to experience the advantages of modern technology of distributed ledger. In this study, we focused on how the implementation of blockchain would help the banking industry in terms of reducing the cost and time involved along with providing more security.

Block Chain , Cross Border Money Transfer , Banking Process and Technology

"Blockchain and cross-border money transfer - At A Glance.", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 1, page no.5-9, January-2019, Available :http://www.jetir.org/papers/JETIR1901302.pdf

"Blockchain and cross-border money transfer - At A Glance.", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 1, page no. pp5-9, January-2019, Available at : http://www.jetir.org/papers/JETIR1901302.pdf