By Frankie Elmquist, Eternic
How long does it take you to get from one side of the globe to the other — twenty-four hours or maybe less? What about sending important paperwork or packages — does it take about the same amount of time or even less? Now, what if you need to get funds there — will it take two days, three days, or more like five to seven business days? When we can get ourselves and our work almost anywhere in the world in 24 hours or less, shouldn´t our money be able to get there too?
We move fast. Our money should too.
Our fast-growing, interconnected global economy requires a faster and better B2B banking infrastructure. One that is unburdened by costly, opaque, and outdated systems. Will your business be able to keep up? Or, are you still bogged down by legacy payment and settlement systems that are providing you and your customers with less than optimal results?
Well, you´re not alone. The majority of financial institutions are still stuck using time-consuming payment rails that run through correspondent banks, as a way to mitigate counterparty and settlement risk. But, not for long.
The new path forward
Now, there´s a new path forward that is faster, safer and more economical. Using the latest in financial technology, Eternic provides a new pathway where global transactions can flow securely in real-time to save you and your customers valuable time and money.
“In the past year, we´ve seen the promise of blockchain and cryptocurrency greatly diminished due to uncontrolled speculation and variability, as well as scaling and sustainability concerns,” says Fintech Innovation founder and CEO, Christoffer Andvig. “However, when used correctly, the fundamental principles behind these technologies has tremendous value and potential for improving value transfer systems. At Eternic, we are bringing that potential to fruition in order to help financial institutions revolutionize their global payments and settlement systems from within, which is in line with the view expressed by BIS in their 2018 Annual Economic Report.”
A Smarter Settlement System
The Eternic platform utilizes both distributed ledger and tokenization technology in a smarter and more secure way to create a stable interbank transfer mechanism. Tied to fiat currency, Eternic works in tandem with existing financial systems to reduce cost by improving efficiency, transparency, and risk management. The platform enables your business to:
- Transact in a controlled, finite environment on a permission-based distributed ledger so you are less vulnerable to cyber-attacks and can scale easily
- Streamline governance by introducing uniformity in currency transfer
- Enable immediate access to all the transaction data for monitoring the status of payments, oversite, and reconciliation
- Satisfy appropriate governance on every transaction by applying platform-specific governance rules as well as local regulations
- Express your settlement strategy and mitigate liquidity risk to suit your needs
The modular platform is structured with well-defined API and deployment methods which makes it easy to join, saving you time and money to bring it to market. To learn more about Eternic and our solution for global payments and settlement, visit our website: www.eternic.io
Frankie Elmquist is the Content and SoMe Manager for Eternic.