The platform, called DTransfer, is built on SatoshiPay’s blockchain technology and the Stellar network, and it touts “speed, cost and transparency” as three main benefits, according to the report. The system will integrate currency exchange into every transaction, enabling customers to track payments in real time. That will let approved banks and businesses join a compliance network and share KYC/KYB details.
DTransfer has already connected its payment platform to bank networks in Europe, the U.S., Mexico, Nigeria and Tanzania, and it is in the midst of trying to expand to other such bank networks in Europe, Asia and Africa, according to Blue Star, per the report. And it has signed its first client, a European business operating in sub-Saharan Africa in the microfinance industry.
Tony Fabrizi, CEO of Blue Star, said in a statement that the launch of DTransfer is “an important step in SatoshiPay’s diversification into B2B payments.”
“DTransfer aims to provide customers with a quicker, more competitively priced and transparent process than the competing products provided by the banking industry,” he said, according to the report.
In May, the Stellar Development Foundation put in $550,000 as a strategic investment toward SatoshiPay’s cross-border technology, PYMNTS reported. The money went toward SatoshiPay’s development of cross-border payments and digital wallets, which are expected to be debuted by the fourth quarter of this year.
SatoshiPay CEO Meinhard Benn said there was much demand for cross-border solutions in addition to the ever-evolving maturation of blockchain as a platform.
SatoshiPay was also one of the first to use Stellar’s ledger network commercially.
Benn told PYMNTS last December that blockchain networks are a good fit for cross-border technologies as they are built on the internet and are therefore “borderless by default.”