196

N. Surekha et al.

Fig. 6 IoT-based clearing and settlement system powered by Blockchain

4.4

Peer to Peer (P2P) Bank Transfers and Cross Border

Payments

IoT has changed the way transactions are carried out in the banking space, the most

notable one being the peer-to-peer transfers that enable account holders to transfer

funds from their respective bank accounts or credit cards to another using an online

banking or mobile banking app. The process for such a transfer is simple with the

sender logging in to his/her net banking or mobile app and entering the details that

include the name of the sender, amount to be transferred, debit/credit card details,

and security PIN, thereby confirming the transfer. With such a fast and reliable pro-

cess, the ease of making money transfers has increased multifold, but P2P transfers

have built-in limitations that substantially reduce their effectiveness. These limita-

tions include restriction of operations to a narrower geographical location, longer

transaction time which ranges from one to three business days, data security issues,