technologize
the business
Ready‑to‑use software solutions
and custom development
For banks
and payment systems
Secure
transfers
International transfers are flawed. Every time someone makes an international transfer, he can't be sure whether the transfer will go through, whether he will have documents that may be asked for in the process and how long the transfer will take. At the same time banks have to make sure, that the transfer is not some sort of scheme to launder money or sponsor terrorism: who is sending the money, why, to whom, how the money were earned? Banks check these things manually and without the proper degree and level of verification. As a result, transfers take a long time, while the security level is still low. We're going to change this.
How international transfers are today
The sender expresses their wish to make a transfer (e.g. on a mobile app or at a bank office), specifies the recipient's bank and account details and the amount of the transfer. The bank packs the data into the transfer message (for example, SWIFT) and transmits it to the recipient's bank, often via correspondent banks.
Banks are forced to manually verify every transfer. If there is any doubt, banks request confirming documents from both sender and recipient to make sure that the transfer is not an attempt to launder illegal income or financing of terrorism. However, no matter how many checks are performed, in the end they have to trust their customers, and there is still no final assurance of security.
The sender and beneficiary of a transfer do not know how long it will take, what documents they may be requested to provide, and at what moment. Every transfer is an unpredictable game of roulette.
What we’re going to change
Our solution consists of two parts. First, we will develop an additional data package which will contain details about the sender and beneficiary, their occupation and business, how to contact them, as well as verification documents and so on. This data package will be encrypted into the existing transfer message. Second, we will develop an interface for the sender and receiver to enter this data, and for banks to explore it. When interacting with the system for the first time, each participant receives an ID to which their credentials and documents are linked. The data is stored in a single repository to which all participating banks have access.
Banks will receive all the necessary information from the transfer message. In case of doubt, they will be able to verify it by examining verifying the supporting documents in the interface, without wasting time contacting clients. If a bank has to make a transfer between a previously unknown sender and a beneficiary, they may already be in the database and a bank will not have to perform verification.
Senders and beneficiaries of transfers provide information about themselves only once. If it is necessary to provide documents to confirm the information, they do it through a human‑understandable interface and in a convenient way, and also — only once.
We invite interested banks and payment systems to discuss cooperation and implementation of the system. Please email us:
Suite 200
Seattle, WA 98104