Blockchain for Business 2019

Electronic transfers in banks

Banks have been the traditional payment intermediaries for centuries. They maintain accounts for their customers, process payments, and provide other financial services. They also manage the relevant financial infrastructure. Currently, electronic bank transfers are done in the following way:

1. An account holder orders a bank transfer from his or her bank account to another bank account.
2. The sending bank uses IBAN and BIC codes to direct the payment to its destination. IBAN stands for International Bank Account Number. It is an international system for identifying bank accounts to facilitate cross-border transactions. BIC stands for Business Identifier Code, which is also used for payment identification.
3. The ...