For this project, you will attempt to build a prototype that seeks to eliminate inefficiencies in cross-border remittance. For the current project, we will be using the Stellar protocol, which comes with inbuilt modules that can be leveraged for KYC/AML workflows. For our project, we'll be building a remittance network with two banks, Bank A and Bank B. Each bank will have an in-house IT infrastructure with the following components:

• A user/customer database.
• A transactions database, which keeps a log of all incoming/received transactions and related metadata.
• A sanctions database, which holds sanction approvals for financial institutions and remitters.
• A compliance module, which will be used to carry out AML/KYC checks for payments.
• A federation module that allocates user-friendly payment addresses for customers to send and receive payments. These are similar to email IDs for payments.
• A bridge module, which will allow the bank to send payments on our blockchain network and listen for incoming payments to our account on the blockchain network.
• A bank portal, where users can log in and submit payment requests and the bank administration can view KYC/AML details of the received transactions.

The bank's IT infrastructure will connect to a private test Stellar network that we'll set up for our development activity. We'll be creating Stellar accounts for Bank A and Bank B on this network for sending and receiving payments. Finally, we'll be issuing the USD asset on the network, which will be the currency that's remitted between the banks.