Understanding the Impact of Blockchain on Banking: Cross-Border Payments | National Crowdfunding & Fintech Association of Canada

OMFIF | May 22, 2023

In an evolving digital landscape, blockchain technology is poised to significantly enhance banking operations, particularly cross-border payments. Institutions are actively exploring potential applications, despite facing regulatory obstacles.

• This insight is presented in a report from OMFIF and CCBU, which explores the impact of blockchain and distributed ledger technology (DLT) on the business models of financial institutions. The study consults a range of experts from various sectors, such as fintech and blockchain industry, while reviewing regulatory and policy aspects of financial technology.

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• Yet, regulation of blockchain in financial services remains a challenge, necessitating major advancements at both domestic and global levels.
  • The shift from centralized to decentralized economic activities, spurred by blockchain and DLT, underlines the diverse regulatory and legal risks that could arise based on different use cases.
• Future trends in blockchain technology in banking point to payment solutions as the most likely dominant application.
  • However, banks must confront hurdles like regulatory compliance and scalability.
  • As blockchain evolves, it continues to present fresh features and opportunities, thereby promising a transformative impact on the banking sector.

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