Client Overview
The client is a startup which provides an inter-ledger solution to enable the distinction between payment providers and digital wallets/mobile money services across Europe and Africa.
The company enables payment providers, digital wallets and mobile money services to set-up pay-on-demand channels for streaming payments without the need of establishing or maintaining corresponding relationships in form of nostro/vostro accounting.
Business Challenge
- An inefficient traditional money exchange system
- Payment transfer had to be routed through a series of trade counterpart
- High complexity due to multiple interdependencies
- Fragmented system of silo-ed network
- Patchwork of centralized network
- Transactions relay information through a network of correspondents
- Lack of interoperability
- Expensive private remittance channels
- Disparate technologies, systems of record, messaging and rules
- Slow processing that took 4 to 7 days
- High processing cost
- Regulatory burdens
- Time consuming reporting processes
- Lack of data quality/ non-access to data
Solution Highlights
The client wanted to sign-up with Gateway Digital’s Product Engineering services to build a DLT platform. They wanted to offer a B2B infrastructure & Blockchain Network to reduce and/or remove interdependencies. The solution will be the back-bone of the Network DLT & ILP Connectors supporting decentralized, seamless and faster of cross-border payments.
- Developed a platform for trade transactions of different assets without intermediaries
- Designed for interoperability through multiple banking systems
- Inter-ledger protocols connectors
- Integrate connectors with bank’s DLT platform
- Separate UI for each user to perform operations based on the roles:
o Bank Customer (Corporate/ Investors)
o Issuer/ Banker Services
o Admin - Dashboard/Home: Trade Orders Summary and other facts & figures
- Trade Dashboard: allows tracking and tracing of tokenization lifecycle
- Documents Management: allows to manage and access trade order wise commercial papers like maturity, yield, risk-level, total outstanding amount, etc.
- Communication Tools: built-in chat for Q&A
- Dashboard & Reports Management
- Alerts & Notifications
Benefits
- Greater transparency and easier audit
- Gains in speed and efficiency
- Cheapest money transfers
- Sourcing On-demand liquidity
- Technology definition
- New payment corridors for investors
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