The Application of Fintech in Cross-border Payment and Its Impact on the International Financial System

Abstract

Fintech, leveraging core technologies such as blockchain, artificial intelligence, and big data, is profoundly reshaping the cost
structure, operational efficiency, and service models of cross-border payments. This paper systematically analyzes the application characteristics, advantages, and challenges of fintech in cross-border payments, while exploring its multidimensional impact on the international
financial system. The study reveals that fintech not only drives cross-border payments toward real-time, transparent, and inclusive solutions but also exerts structural pressures on traditional correspondent banking models, capital flow regulatory frameworks, and international governance mechanisms. In response to this trend, countries must collaborate to establish an adaptive, risk-controllable cross-border
regulatory and coordination system.