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Case Study

Multi-Blockchain Network that Enables Instant Cross-Border Payments

Overview

Traditional payment methods involve multiple intermediaries with each one taking a cut and adding its layer of time and complexity. These traditional mechanisms involve an issuer, a clearing house, an acquirer organization, a wallet, a merchant website and more of such nodes through which money would pass through in a Bi-directional manner.

It can take anywhere between 24 to 72 hours to process payments and it would also involve a charge of 3% or more as transaction fees. This is on account of currency transfer procedures which can stall the transfer of funds in transit. That is where our Blockchain API expertise steps in to show financial institutions and Banks how to reinvent their settlement mechanisms by creating a network of interconnected network of Fintech companies and Banks to moves money, manages foreign exchange, and mitigate fraud.

By creating Blockchain API that connects with multiple networks, our experts are making it easy to send and receive funds in real-time. Our innovative solution is enabling our Financial Services Client to help their customers mitigate the barriers of currency, time, and geography. By building a unique Instant Settlement Network, we are delivering financial value that can move more reliably and much faster at much lower costs anywhere in the world. We are facilitating these transactions while screening all the payments as per all the regulations.

Our Blockchain API integrations also make it very easy to access data on transactions, create or share smart contracts, update account balances, transact using Crypto currency, etc. In other cases, our Blochchain APIs also allow users to interact with Decentralized Financial Networks as well as traditional Banks in new and innovative ways. Using our expertise, you too can build a network that can connect to multiple Blockchain Data from one place – NFTs, tokens, Crypto, Wallets, NFT, GameFi, DeFi, and more.

Our Solution

  • Instant Cross-Border Payment App is built and deployed as a world-class Web3 Explorer Product using Blockchain APIs
  • We enabled it by building a multi-chain, interconnected network of banks, financial institutions, businesses, and consumers
  • The Global Interconnected Network was built by Converging APIs of Different Financial Organizations, Banks, and Fintech Products
  • Instant Settlements are helping customers and merchants connect to multiple financial networks at once
  • The solution involves the use of smart contracts that are deployed for automating payment and transfer value processes
  • It supports multiple currencies while eliminating fees charged by Banks and Intermediaries
  • Caters to overseas customers by supporting remittances in their local currency
  • Enables instant payment gateway using our expertise in building payment platforms that support multiple local currencies for international trade
  • Ensures flawless integrations with multiple Blockchains using our API marketplace and finance domain expertise

Challenges

  • End-users demand payments in a matter of seconds and not days or weeks
  • Cross-border payments can take days or even weeks to clear, and the fees can be exorbitant
  • Payments go through multiple banks/ intermediaries, each adding a new costs and complexities
  • Payment recipients wanted to easily receive cash, whether in dollars, euros, or any local currency
  • Foreign exchange fees are costly and it increases the time taken for funds to reach their destination
  • Building a network requires connecting multiple banks, intermediaries, and nodes
  • Developers need to have working knowledge and hands-on experience in deploying DeFi Blockchain

How we Helped

  • We deployed an expert team of Financial domain Blockchain API Developers
  • Expertise spans DeFi APIs, NFT APIs, Wallet APIs, Fungible Token APIs, Transaction Receipt APIs, and Transaction Pool
  • With our expertise, we build and deployed several Payment Acquiring APIs and Transaction Service APIs
  • We also deployed an Instant Settlement Network Messaging API for alerts and updates
  • Our developers are hands-on with Powerful Node Infrastructures, RESTFUL APIs, SOAP Protocols
  • Our Developers enabled multiple Web3 dApps features with our enterprise-grade APIs
  • These APIs helped to connect with multiple financial partners and DeFi networks
  • APIs were built to help users securely access their funds, swap funds, and perform instant cross-border transactions
  • The API provides faster transaction confirmations while ensuring security.
  • It is further allowing developers to launch specialized services for merchants
  • A new platform was built to use the payment gateway to activate eGiftcards

The Impact

  • 99%+ uptime to serve tens of thousands of transactions every minute
  • 2 Million+ API Requests handled flawlessly every week
  • 24/7 support provided by a dedicated Developer team
  • Trusted by multiple financial institutional partners and banks

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