The nanopay platform is a distributed system of secure asset stores and a patented messaging protocol that uniquely enables instantaneous payments between fiat currencies. In contrast, blockchain-based platforms require the distribution of replicated ledgers across all nodes in the system and leverage proof-of-work model to achieve “trustless” consensus. This overhead means that transactions can take many minutes to process
The inter-bank, cross-border payment process is confusing and broken. nanopay can help banks power a real-time, low cost inter-bank cross-border remittance platform using nanopay platform as the backbone. nanopay ecosystem manages liquidity based on the concept of good funds model. Each digital currency present within the ecosystem is backed by corresponding fiat currency in a pool account therefore, virtually eliminating the risk of transacting within the platform. Additionally, the ecosystem ensures that the digital currency value is pegged to, and at par with traditional fiat currency at any given time.
The nanopay platform was built by the Royal Canadian Mint as a replacement for physical currency and was designed to be secure, scalable and regulator friendly. The technology was originally developed by Dr. David Everett who has over 25 years of experience with digital currency, having worked on Mondex and SWIFT. We use bank-grade security, namely hardware security modules (HSM’s) for encryption, in line with the highest security at banks. We are backed by leading investors and financial institutions including Goldman Sachs.
Regulatory compliance is growing increasingly complex and burdensome for payments system participants. Strong regulatory frameworks are essential to reduce fraud and counteract money laundering and terrorist-financing efforts. Legacy payment systems can often struggle to keep up with a rapidly-changing regulatory landscape. The nanopay ecosystem ensures that each transaction contains the rich supply of data necessary to meet the regulatory requirements of the country. Thereby, reducing the compliance burden on the participants present within the ecosystem.