Hyperledger Fabric Networks for Corporate Remittance Payments in the Banking Sector Using Blockchain

Blockchain is a magnificent technology that could decentralize data and information management, distribution, and storage. With the implementation of blockchain technology, Current corporate operations should be improved to make them more accountable, transparent, secure, and efficient. The banking industry was one of the first to gain from this technology’s disruptive potential. For regulatory compliance, Payments to corporations in the exchange of documents and partie’s information are required by the banking sector. Additionally, compared to retail remittances (payments made between people or from a company to a person), they are more likely to involve fraud and other illegal activity. Blockchain technology is, therefore, appropriate for allowing such payments. It makes it possible for financial institutions and banks to share real-time compliance and anti-money laundering (AML) data on remittance requests and the people making them. Traditional payment methods require reconciliation, which takes time and money. Distributed ledger technology does not require reconciliation. All nodes of the payment network receive real-time replications of all transactions submitted to the distributed ledger. A Hyperledger fabric network with four peers and a two-participant organization remittance network has been created and built in this research effort. In the remittance channel, each member represents a bank. Each bank has a corporate customer to transmit and receive payments on this network. An Interplanetary File System (IPFS) network was set up between the two banks to share documents and other artifacts. The system supports corporate remittance between two bank organizations using distributed ledger technology. The Apache JMeter tool evaluated the network’s performance for several transactions. Execution time, latency, and throughput are among the assessment measures.