Blockchain Accelerator For Global Payments

In the payments industry, the blockchain hype is the most intense. However, blockchain is not really the missing link in the consumer payment puzzle. Blockchain has a broad range of online applications. It is an alternative to many standard transactional systems because it is decentralised by design. The difficult time and power intensive cryptographic procedures associated with the blockchain must be offloaded to an accelerating system in order for a blockchain system to be feasible in terms of scalability, interoperability, and sustainability.

Ripple and other blockchain payment technologies can bring multi day settlement cycles down to real-time, improve processes around worldwide currency translations, and improve anti-money laundering data, among other things. The accelerator will focus on global payments, allowing businesses to pay any bank linked to the cryptocurrency rails with a single reserve, reducing capital requirements and facilitating transactions.

This provides financial institutions with solutions such as;

• Reduced Cost And Fees

Many operational cycles involve considerable manual intervention, such as phone calls, emails, documents, or proprietary user identification systems. Automation eliminates redundant operations, direct processing costs, and human mistakes. Payments made with digital currency minimise third-party fees significantly. Therefore financial institutes can benefit through blockchain accelerators due to reduced cost and fees.

• Greater Security

A blockchain’s transactions are basically unchangeable. Because the distributed database requires all parties to agree on the database’s contents, no single party may change the transaction chain without the agreement and knowledge of the others. Therefore customers can instil their trust on blockchain accelerators for its greater security.

• Increased Transparency

Shared accessibility and validation of transactions boosts confidence in the integrity and correctness of every given transaction. Multiple uses of a single transaction are impossible on the blockchain network since all parties see the same information. 

• Enhanced Efficiency

Blockchain-based systems can abolish counterparties and make bilateral settlement agreements more efficient. Because of improved procedures and reduced paper processing, cycle times are shorter.

• Improved Customer Experience

Customers are often satisfied when redundant data entry is removed and cycle times are reduced. Financial institutions that are striving to improve outdated procedures can benefit from the smart use of blockchain technology. The improved customer experience will enable the customers to be satisfied with the use of blockchain accelerators.

Blockchain is the underlying technology that many cryptocurrencies, such as Bitcoin and Ethereum, rely on, with its unique method of securely recording and sharing information. Because a cryptocurrency is not issued by a central body and is practically borderless, you can avoid the requirement for multiple middlemen to complete the transaction, and transactions can take place on the same day or the next day, safely and securely, thanks to blockchain verifications. This means that customers can now cash in and out of their accounts around the globe, almost instantaneously, and those in the payments industry can utilise OpenPayd to make use of their global payments networks for crypto businesses.