The 1800’s called, they want their clearing and settlement back.

Insider
Insider
Sep 26 · 1 min read

In 2019, every business in every industry, worldwide, is impacted by the archaic and costly process of transferring money.

The problem is simple. In 2019, initiating a payment from a website or mobile device, takes seconds. However, it takes hours, even days before funds are deposited with the recipient.

Why? Because clearing and settlement occurs daily, just as it did in the 18th century. Meaning we have a 21st century front end running on a 150-year-old backend.

Companies such as Ripple offer an alternative to this by emulating the existing clearing and settlement model. However, some architectural and interoperable bottlenecks exist which we believe can be improved.

At DRIVE Pay, we are working to converge existing payment, clearing and settlement practises with the ledger benefits of blockchain, bringing a client-first solution to clearing and settlement that will underpin the payment networks of tomorrow.

Stay tuned…

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Industry insight and the latest from the DRIVE team

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