How much do you know about international payments and the banking system?

• Crypto and blockchain technology go beyond just being an alternative payment method.
• The current financial system operates on an outdated SWIFT system.
• Payments via SWIFT are not always executed instantly due to anti-fraud and anti-money laundering checks.
• International payments face challenges due to currency conversions and the use of NOSTRO-VOSTRO accounts.
• NOSTRO accounts are owned by one bank, while VOSTRO accounts are owned by another bank.
• Banks use NOSTRO-VOSTRO accounts to facilitate international payments.
• The ING has a NOSTRO account with the Bank of America for holding dollars.
• The Bank of America has a VOSTRO account with the ING for holding euros.
• International payments involve multiple banks in different countries, making the process complex.
• Small banks rely on large banks to facilitate international payments.

Challenge your knowledge on the complex world of international payments with our quiz! Learn about the outdated SWIFT system, the role of NOSTRO-VOSTRO accounts, and how crypto and blockchain technology are disrupting the traditional financial system. Test your understanding of the challenges faced by small banks and the multiple banks involved in international payments. This quiz is perfect for anyone interested in finance, banking, or technology.