Client Overview
The client is a Germany-based Blockchain startup, focused on building Blockchain Infrastructure Network platform to reduce and/or remove inter-dependencies. The company has a vision to address the challenges of international remittance payment industry using Interledger Protocol (ILP) technology to create flexible payment channels across the globe.
The concentrated services of the company are:
- Interoperability using different Blockchain based applications
- Designing infrastructure with Cryptocurrency exchanges
- Building direct payment corridor between different payment systems
Business Challenge
The client envisioned to disrupt the remittance industry and for that planned to design advance platform that delivers interoperability and eliminates the intermediaries involved in cross-border payments. The client was looking for a technology partner who can research and design the MVP for global cross-border payment platform that addresses the challenges of current remittance system as listed below:
- Have to be routed through a series of counterparties
- Fragmented system of silo-ed network
- Expensive private remittance channels
- High processing cost
- Regulatory burdens
- Time consuming reporting processes
- High complexity due to multiple interdependencies
- An inefficient traditional money exchange system
Solution Highlights
Gateway Digital designed a one-stop-shop for tokenization and compliance, and delivered the MVP to the bank. The MVP platform for trade transactions of all assets ensures interoperability through interactive user experience and tracking of tokenization process.
A digital storefront for institutional investors is developed with following features as part of the proposed solution:
- (ILP) Connectors and application layer development
- Connecting connectors with the bank’s DLT platform
- Application Control Panel:
o Dashboard
o User Management
o CMS
o Trade Orders Management
o Helpdesk
o Centralized Documents/ Assets Management - Bank Customers Portal:
o Make soft/firm Offers
o Monitor and Track Tokenization process
o Access Information and Compliance Guidelines
o Schedule Meeting
o Chat
o Call
o Comments, Recommend, Feedback
o Helpdesk - Bankers/Corporates Portal:
o Dashboard For Trade Orders
o Trade Orders Management
o Trade Dashboard
o Knowledge Centre
o Feedback/Review System
o Documents & Asset Management System - General:
o Web & Mobile Application in English only (iOS & Android)
o Trade Order Template Master (Web-based dynamic form)
o Trade Order Submission Workflow (Configurable)
o Asset Classes Master
o Transaction Type Master
o Alerts & Notifications
o Core Mobile Downloads and Usage Analytics
o Web Services Integration for Mobile Applications
o UI/UX – HTML Integration
Benefits
- Delivered tracking and monitoring tokenization process
- Delivered secured document management
- Designed unified information architecture through highly collaborative stakeholder engagement and CMS
- Enabling bank customers to make soft/firm offer online through mobile application
- Supporting trade of all asset classes
- Eliminating need of nostro accounts and making it more cost effective by removing intermediaries
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