Instant Payment Framework Based on Blockchain Technology and Open API Architecture to Improve the E-Payment System of The Local Banks in Egypt

حفني, محمد حامد محمد

doi:10.21608/mosj.2022.273409

Instant Payment Framework Based on Blockchain Technology and Open API Architecture to Improve the E-Payment System of The Local Banks in Egypt

نوع المستند : المقالة الأصلية

المؤلف

محمد حامد محمد حفني

القاهره

10.21608/mosj.2022.273409

المستخلص

This study investigates how the use of blockchain technology can improve the payments and transactions between local banks by introducing blockchain based framework and using it in order to make instant payment and financial transactions between local banks. Blockchain technology is considered to have high impacts on banking industry because its potential and the ability to enables new ways of organizing and handling the banking industry activities, reduces costs and time associated with intermediaries, and improve the trust and the security. The findings show that the blockchain technology characteristics (Enhanced Security, transparency, information immutability, and faster settlement) and using open API (Application Programming Interface) architecture will give us seamless integration of financial services and application and using this approach will have significant positive impact on e-payments growth and the financial transaction between banks in Egypt. The proposed framework which uses the blockchain and open banking API architecture in fund transfer between local banks will provide great opportunity and space to banks to improve and positively impact for digital transformation strategy, financial inclusion, digitization of payments, SME finance, Increasing access points, partnerships with FinTechs and using innovative technologies further to bring efficiency in banking and payments.

الكلمات الرئيسية