Advanced Encryption Techniques for Cross-Border Financial Transactions

Authors

Ajay Benadict Antony Raju

Abstract

With the advancement of globalization and integration, cross-border flow of fund has become more frequent, and seed significantly requirement in terms of security. Therefore, it’s vital to ensure that the financial information is secure when involved in international transactions to avoid fraud, data breaches among other issues. These data are protected by the use of various encryption methods that help maintain its confidentiality, integrity and authenticity. In this abstract, I discuss how and why advanced encryption technologies are important in today’s global financial platform; quantum encryption, elliptic curve cryptography (ECC) and homomorphic encryption are also analyzed for their role in addressing the security issues tied to the international finance. Quantum encryption offers highest mathematic cryptographic guarantee from principles of QM, on the other hand ECC offers high mathematic cryptographic assurance close key sizes that are relatively small and good for areas of limited resources. It is a mechanism which allows the computation to take place on the encrypted data without necessarily making decryption early enough. The abstract looks at how such techniques aid in the improvement of security of the cross-border transactions, compliancy to the set regulations and building of rapport between other international financial institutions and their clients.

Keywords

Encryption Techniques, Cross-Border Transactions, Quantum Encryption, Elliptic Curve Cryptography, Homomorphic Encryption, Data Security

Advanced Encryption Techniques for Cross-Border Financial Transactions. Ajay Benadict Antony Raju. 2021. IJIRCT, Volume 7, Issue 1. Pages 1-5. https://www.ijirct.org/viewPaper.php?paperId=2411079