Making payments

Making payments

Verified applications running on its blockchain platform can make tokenized payments. This makes transactions originating on the Verified platform more secure and efficient. Users of applications on the Verified platform can request issue of tokens in virtual payment accounts that can be used to make payments. Tokens are issued against custody of fiat currencies of equivalent value paid in. Settlement of payments against tokens is done by payment service providers.

The Verified supply chain financing application, for example, enables lenders to provide loans to borrowers by crediting their virtual payment accounts. Borrowers can then make cashless payments to authorized suppliers where the payments are cleared by payment service providers. This can work for both domestic and cross border payments.

Similarly, the Verified investments application enables investors to redeem investments in payment tokens and use them for cashless payments.

Contact us for details. 

How does it work?

  • Request for a virtual payment account from a payment service provider on the Verified platform.
  • Request for issue of payment tokens into the virtual payment account against a prepaid fund custody account offered by the payment service provider.
  • Make cash less payments using tokens in virtual payment accounts.
  • Get instant settlements against payments made by redeeming tokens in your virtual payment account.

Benefits

Fast and inexpensive payments, domestic and cross border

Secure transfers using virtual payment accounts

Limit fund utilization risk by allowing payments to whitelisted accounts