Unleashing a Future of Frictionless Payments
The world of payments is changing at an ever increasing pace as more and more payments go digital. The global payments ecosystem has begun to embrace new technologies that provide integration points to existing infrastructure; these technologies are enabling new business models including mobile payments and person-to-person payments.
The challenge facing the payments industry is much of the infrastructure that powers these innovations are built on older, slower, legacy systems and traditional payment processes. New technology is proving to be able to truly unlock the promise of frictionless digital payments, a new platform is required to securely store and move money instantly without intermediaries, thereby dramatically reducing the cost and risk of payments. The nanoPay platform is the new way the world will transact.
Increased globalization of business is driving the need for banks and businesses to easily transfer money across borders and continents. Cross-border payments today are expensive, slow, opaque and often require manual intervention. nanoPay enables instantaneous, multi-currency transfer of funds, and is designed to satisfy diverse global risk and compliance requirements.
B2B trade is becoming increasingly global as businesses exchange goods and services with international trading partners. nanoPay provides a trusted B2B payment network to enable businesses to send payment requests and pay partners with complete transparency and transaction context. Companies are able to make payments without exchanging sensitive banking information.
nanoPay provides a digital cash platform designed by the Royal Canadian Mint to be backed by fiat currency. MintChip is designed to enable person-to-person (P2P), online and retail in-store payments. The platform is a collateralized, bearer-asset system that securely stores and instantly transfers value between two or more users. All Mintchip transactions are final, irrevocable and require no intermediaries.
Trading financial instruments is a complex process. The financial instrument exchange is one part while the second part is the clearing and settlement of funds from trades. nanoPay integrates digital cash into bank’s back-end systems to reduce clearing and settlement costs and more importantly, free trapped capital caused by the typical T+3 timeframe.
A platform for payment innovation
At the heart of the nanoPay platform is a system of distributed digital Secure Asset Stores (SASs) and a messaging protocol that enables the trusted exchange of value between 2 or more stores. In contrast to distributed ledger technology (DLT), nanoPay’s platform uses patented messaging protocol to uniquely combine the asset value to be transferred with detailed payment instructions, which ensures instantaneous settlement.
The Value Transfer message (VTM) is elegant in its simplicity. When sending from one SAS to another, a VTM is generated and digitally signed in bank-grade hardware security modules (HSMs) to ensure the highest level of security. Because the messages are cryptographically signed, the platform can send payments over unsecure channels further reducing the underlying cost of the ecosystem.
The nanoPay platform is exposed by REST APIs to enable banks, financial services providers and developers to use as a new platform for payment innovation.