Blockchain-based Cross Border Payments Solution

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