INTERNATIONAL COOPERATION IN FINANCIAL IT: EXPANDING FUNCTIONAL CAPABILITIES WHILE MAINTAINING SECURITY

Abstract

Modern international cooperation in the field of financial technologies requires special attention to functionality and security, particularly with the implementation of new technologies such as blockchain, SWIFT gpi, and artificial intelligence. This article provides a detailed examination of examples of these technologies’ application, their impact on cross-border financial transactions, and their role in combating fraud and cyber threats. Emphasis is placed on international initiatives, including standardization through ISO 20022 and the harmonization of regulatory requirements, which help simplify and standardize processes within the global financial system. The aim of the research is to analyze how international cooperation facilitates the implementation of new technologies in various financial instruments, such as smart contracts, cryptocurrencies, non-fungible tokens (NFTs), central bank digital currencies (CBDCs), and other digital assets. A key aspect also includes the role of international standards and regulations in accelerating these processes. The methodology of the study is based on theoretical generalization, structural analysis, and statistical approaches, using materials from academic conferences and analytical data from international consulting firms. The results of the study show that the development of new technologies’ functional capabilities in the financial sector not only leads to increased user numbers but also to the creation of new business models with minimal management costs. These technologies significantly reduce payment costs and simplify processes that previously required substantial intermediary involvement. In conclusion, it is emphasized that various innovative technologies have the potential to drastically transform the global financial services market. However, for their successful implementation, several critical issues must be addressed. These include reducing the energy consumption of technologies, developing an effective legal framework, improving the scalability of blockchain networks, and training specialists who can effectively integrate these technologies into the financial sector. An important aspect remains the development of international cooperation to harmonize standards and create a unified regulatory framework, which will help solve many of these problems on a global level. These tasks remain relevant and require joint efforts from countries and international organizations.