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Explore the complexities and potential solutions for cross-border payments in this 59-minute talk by Daniel Szego, DLT Architect. Delve into the challenges of foreign exchange, jurisdictional differences, and KYC requirements that make international transactions complicated and costly. Examine how intermediaries extract fees at various stages, impacting remittances and small-scale trade. Learn about experiments utilizing Hyperledger technology and other solutions to implement more efficient cross-border payment systems, from wholesale to retail. Discover how distributed ledger technology (DLT) can potentially revolutionize global financial transactions, reduce costs, and increase accessibility for underbanked populations. Gain insights into the Bank for International Settlements' (BIS) efforts in leading several of these initiatives to improve international payment infrastructure.
