Advanced cryptographic techniques for securing electronic funds transfer between international banking institutions

Posted: Jan 29, 2025

• Luna Torres
• Maria Carter
• Maria Nguyen

Abstract

Electronic funds transfer (EFT) systems form the backbone of global financial infrastructure, facilitating trillions of dollars in daily transactions across international borders. The security of these systems has traditionally relied on established cryptographic standards such as AES and RSA, which, while effective against conventional threats, face significant challenges in the evolving landscape of international banking. The increasing sophistication of cyber attacks, coupled with the impending threat of quantum computing, necessitates a fundamental rethinking of cryptographic approaches for financial transactions. This research addresses critical gaps in current EFT security by developing a comprehensive cryptographic framework that integrates quantum-resistant algorithms, adaptive key management, and privacy-preserving verification mechanisms. The unique challenges of international banking—including diverse regulatory environments, varying technological capabilities across jurisdictions, and the need for real-time transaction processing—require specialized cryptographic solutions that go beyond one-size-fits-all approaches. Our work represents a significant departure from traditional methods by introducing context-aware security measures that dynamically adjust to transaction characteristics and risk profiles.