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Banking Industry
in South Africa
The South African Reserve Bank (SARB) partnered with seven other banks to develop a blockchain-based interbank system that handles daily payments in less than two hours while ensuring secrecy and finality of data. Hacking and system breakdowns pose a threat to the banking industry. The reconciliation payments are ineffectual, despite the substantial cost of dealing with these difficulties. Ultimately, banks bear the whole cost of uncovering questionable transactions.
Internet Security
Challenge 1:
If central bank server is down, the other banks would not be able to process the payments.
Solution 1:
Increase the resiliency of interbank payment systems.
Time Effective
Cost Effective
Challenge 2:
Cost spent to deal with attacks and equipment failure is high.
Solution 2:
Reducing or maintaining the overall cost of the system.
Internet Security
Time Effective
Challenge 3:
It is hard on banks to find out suspicious transactions within short period of time.
Solution 3:
Interbank system that processes daily payments to ensure confidentiality and finality in records in less than two hours.