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See Blockchain APIs and Contract AI in Action at Money 20/20
Close to 70% of companies in the US are grappling with cross-border payment inadequacies. It is caused by a gaping hole in cross-border payment experiences that cause unnecessary delays. The payment process with traditional Banks and intermediaries is marred by the need to compute transaction fees, performing cross-border currency conversions, and preserving an audit trail involving legal and financial data of all parties involved in any cross-border transaction. No doubt, the big opportunity for traditional Banks and Issuers lies in facilitating Small Business Payments and Small Consumer Payments.
As per another report, the cross-border payments market is likely to cross $250 trillion by 2027. This demand is fuelled by the sub-$20 digital payment market that wants to receive payments from cross-border payees. It represents a huge potential to transform payments by facilitating cross-border payments while reducing transaction fees and time.
While domestic consumer payments have become quick and simple, cross-border payments still warrant a minimum of $0.30 per payment even on using the most affordable debit card. The use of Blockchain is the next obvious step to make transactions safe and secure while information is exchanged quickly between multiple financial institutions and Smartchains. Therefore, if cross-border payments are to become as easy as sending an email or a WhatsApp message, Blockchains powered by APIs is what you need.
The use of Blockchain technology will make it easy for information to be circulated in a secured chain that comes in the form of – Cryptocurrencies, Stablecoins, DeFi Coins, DeFi Exchanges, Wallets, Issuer Exchanges, Banks, Merchants. It would ensure that the KYC, credit balances, and other customer information is automatically updated for everyone in the transaction chain to see at once. With this, Blockchain APIs will drastically cut down the time taken to performs the audits and checks that are a part of traditional banking.
Here are some of the ways in which Blockchain APIs facilitate cross-border payment processes:
Smart Chain: Blockchain APIs would make it easy to access, index, export, and/or import important Blockchain data from any Decentralized Network.
Digital Wallets: Our Blockchain API expertise enables seamless Blockchain transactions using a Wallet API, supporting multiple cryptocurrencies for secure transfers.
NFT Data: Getting NFT data is effortless with our Blockchain API deployments that can retrieve metadata without the usual manual complexities.
Customer Loyalty Programs: Make it easy for customers to redeem reward points in different countries through our expert deployed Blockchain API.
The central purpose of a Blockchain is to bring multiple financial organizations, databases and products together for creating a Decentralized liquidity ecosystem. Manifested through a Decentralized platform, it can help Lenders get extra interest income without engaging third parties for currency transfers or customer ID checks. Checking of creditworthiness is simplified through a public general ledger that becomes a genuine repository of customer transaction data. For example, on many DeFi Platforms, users earn points and discounts for buying digital currency to do their cross-border remittances. An automated and rapidly executed loan is another popular use case of such DeFi platforms.
Create programmable triggers: Our experts will code involve contract terms on a Blockchain to facilitate transactions when parties satisfy predetermined set of conditions.
Automate all tasks that supplement contract creation: Our Digital Worker Bots can mimic processes related to cash flow forecasting, payment, reconciliation, debt management, trade finance, and reporting.
Embed lending process automation: Automate data extraction, validation of legal provisions, KYC process, etc. that needs to be completed for the contract to be executed.
Deploy self-executing digital agreements: It will ensure that the entire data verification and validation is automated while all duplicate processes are eliminated.
Automate execution of smart contracts: Using APIs, the deployed Blockchains can then operate without the need of any central authority or a third-party.
Smart Contracts are what make the Blockchains work through programs that come with pre-defined rules connecting borrowers and lender. Such pre-defined rules, data tables, data triggers, data extraction, and data ingestion is a part of some of the key functions performed by Blockchain APIs. These Smart Contract powered Blockchain APIs are then used for facilitating all kinds of use-cases including margin trading, derivatives, stablecoins and general lending/borrowing, etc.
Our Blockchain Developers can code in pre-defined actions that automatically get executed when a specific condition is met. These are the Smart Contract rules that make the Blockchain work by setting the stage for the borrower and lender to get into a contract. For instance, it can alert and update a borrower about the lender’s credit status if the conditions match. DeFi networks uses smart contracts to create protocols that replicate existing financial services in a more open, compatible, and transparent ways.
KYC Automation, Lending Process Automation, Loan Processing Automation, and Credit Line Process Automation could be all transformed using Contract AI. Consider an example whereby the location of a cross-border shipment is updated by an automated trigger through a Blockchain API. In this case, as soon as the shipment details are verified, the Blockchain would then move to the downstream processes related to contract fulfilment, capital payment is then released saving money and time otherwise spent on monitoring and paperwork.
We invite you to leverage the wealth of knowledge and insights accumulated by our Blockchain experts. With over 50,000-man hours of experience spent on deploying APIs for large Federal Banks in the US, we bring you the world’s finest talent on Legal IT and Contract AI. Join us at Money 20/20 to see how our ready frameworks and experience of coding Smart Contracts into the Bank’s existing IT infrastructure is making payments way more simple and faster.
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