Most businesses would expect the banking industry to be more technologically advanced than the parcel shipping business, but that was not the case for a long time. Now, however, it could be changing.
Frictionless payments firm nanopay maintains a payment platform facilitating business-to-business (B2B) payment solutions and real-time payment tracking, “almost like UPS tracks parcels,” said Laurence Cooke, nanopay’s founder and CEO.
The FinTech’s technology uses cryptography — not blockchain — to secure payments, allowing for faster, more secure transactions with the ability to achieve greater scale. The company is gearing up for more solutions in the near future, Cooke told PYMNTS.
“We have a number of countries that are about to deploy our solutions in huge, enormous scale, which is very, very exciting,” he said. “And, at the same time, we’ve been involved with the U.S. Federal Reserve on the Faster Payments Task Force.”
nanopay is also making changes to improve its capabilities, expanding its cross-border payments solution from one corridor to multiple corridors in the future, Cooke added. In addition, the FinTech firm placed its B2B platform in closed-use trials over the past few months, and it aims to expand going forward.
In the end, it’s technology that powers cashless transactions and makes them secure enough for customers to trust them, and nanopay is continuing to improve its tech platform.
“The exciting thing about our technology is how underlying rails are secured so only the intended recipient can receive [payments],” Cooke said. “As such, we bring a best-of-breed solution that is highly scalable.”
He offered an example of the U.K.’s faster payment solution, which was released several years ago, cost approximately a billion pounds to put in place and can handle about 2,500 transactions per second.
“Our platform running in AWS, which has $100,000 of hardware, can do 3,000 transactions per second,” Cooke said. “We’re delivering a higher throughput, and I fully expect that we’ll get to the millions of transactions per second in the foreseeable future, making us the most scalable and fastest payments platform available.”