Sumary
Indastry: Fintech
BeFund`s service: Smart contracts
BeFund`s team: 1 project managers, 5 developers
Technologies: Solidity, Phyton
Terms: 5 month
Cost: >$200K
About the client
Unfortunately, under the terms of the non-disclosure agreement (NDA), we cannot disclose the name of the client company and specific features of the project. However, by mutual agreement, we are able to publicize the general provisions of the project and some key solutions. In the case of your cooperation with BeFund, all issues regarding the publicity of information will be discussed individually.
What`s the problem?
About situation:
Our clients work in Western Europe and have been dealing with financial issues for years. Their services include international money transfers. However, they are one of the weakest links of business, which should have been strengthened by modern technologies. Our customers consider the most unpopular reason for spending time: each transfer is a long process of tiresome waiting for the sender on the one hand and the recipient on the other. For the same institution, the worst thing is the complexity of the process, waiting for confirmations from respondents and intermediaries, without whom no transfer is possible. And all this affects the cost of the service in the form of a commission, which sometimes seems unfairly high to clients. That is why the company of our customers decided to implement blockchain operations, which would not only improve the quality of the money transfer service, but would give the company a real advantage over others and attract new users. The main goals of the project were:
The goals of project:
- Create tools for fast international money transfers with minimal fees
- To achieve a high level of security of such operations and transparency in work for its clients;
- Provide the customer company with a technical advantage over competitors for further promotion of the service.
Solution by BeFund
In this case, the transition to DLT actually managed to solve all the expectations of our customer. Unlike other transactions in digital finance, asset transfers to the blockchain occur almost instantly, and confirmation of transactions can be obtained many times faster. The blockchain works at all times, regardless of the time of day in a particular country or, for example, weekends. Therefore, you can transfer money at any time without worrying that the recipient will not be able to use the service.
Another significant advantage is that the sender can always be sure how much money will be transferred and at what exchange rate the conversion takes place, since the smart contract uses accurate official data on the basis of which it makes calculations.
BeFund developers have created a decentralized application for the Ethereum blockchain in the Solidity language that manages smart contracts for transferring funds around the world. The financial institution’s client remains the biggest winner: his transfer takes place almost instantly, he does not need to have any additional technical means, but he can always be sure of his transaction. And due to the exclusion of intermediaries from the process, our customers managed to significantly reduce the commission for money transfers. Therefore, the main achievements of the project can be called:
