Client Overview
The client is a startup in Iceland looking for a digital partner to build a blockchain-based payment gateway. As a part of the product engineering and start-up lab segments, the client was keen to sign-up with Gateway Digital to set up a new payment gateway that allows any B2B and B2C transactions to be executed safely and cost-effectively by allowing “Send, Receive, Store, Convert and Accept” payments online.
Business Challenge
- In case the service is not availed or cancelled by the end-customer, the reversal of transaction and reimbursement of funds is a tedious, delayed and sometimes costly activity
- In terms of bankruptcy or “force majeure” events, customers may not get refunds or have to raise disputes to get the refund
- Any such incidents result in loss of trust, leading to loss of business
Solution Highlights
- Store and manage transaction information via encrypted distributed ledger, consensus algorithms and smart contracts
- Allows cross-border payments
- Allows authenticity and verification of transactions
- A highly secure, reliable and scalable mobile-wallet solution that allows users to view/download reports, real-time balance and transaction history
- Reduce commerce friction and accelerate payments
- Funds are held in trust whilst customers consume services from multiple service providers
- Payment tranches released as per contract terms
- Amazon managed Blockchain: manages “nodes” (virtual servers) to create private distributed ledger
- Responsive mobile interface
Benefits
- Secure Payment Gateway integration for combined service offered by multiple providers
- Fixed, minimum charge per transaction/cancellation
- Blockchain security – immutable and distributed storage of every transaction
- Smart Contracts resulting in transparency, fairness and trust
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