In this chapter, we will be building a prototype cross-border blockchain retail remittance platform for banks. Cross-border remittances are a complex affair from a compliance and settlement point of view. Banks need to devise complex workflows to carry out compliance checks of the remitter and the beneficiary. The sending bank, receiving bank, and other partner banks need to agree on the compliance requirements of the sender and the receiver before remittance transactions can be executed or credited to the beneficiary. For carrying out a settlement, the sending and the receiving banks need to have an elaborate workflow where they have the visibility of incoming funds. Often, they might have to rely on partner banks—known as correspondence banks—to carry out the remittance process, which results in it taking a much longer time for funds to be paid out to the end beneficiary. 

The following topics will be covered in this chapter:

• Technical requirements
• Designing a workflow for blockchain cross-border remittance
• Setting up a test network
• Creating user accounts
• Setting up bank domains
• Setting up the federation servers

• Setting up the compliance servers
• Setting up the bridge servers
• Setting up the callbacks server
• Building the bank portal
• Running the remittance platform