Global payment processing firm Netpay International has partnered with BNC LedgerTech to provide blockchain-based services to its customers.
BNC LedgerTech is an Israeli blockchain firm behind the digital banking solution called ‘Ubanker.’ Though the solution runs on blockchain technology, the company is using the existing remittance infrastructure in the banks such as SWIFT and SEPA to provide the proof-of-funds and security to maintain the standard KYC/AML requirements.
Founded in 2018, BNC LedgerTech has already partnered with four FinTech companies. The company was founded by Daniel Tsafir, who is also holding the position of CEO at the firm, along with Alon Elbaz, a payment industry veteran.
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Compliant with Mainstream Standards
Ubanker serves both B2B and B2C clients and complies with the EU central bank regulatory frameworks. The company is in the process of acquiring an EMI license to provide is financial services and has developed its own blockchain to assure scalability.
With its blockchain-based solution, the firm is targeting the lucrative remittance industry. Unlike banks, which charge a percentage of the total transferred amount, BNC LedgerTech is only charging a fixed minimum fee.
Netpay, on the other hand, is one of the old players in the payment processing industry. According to its website, the firm has partnered with more than 100 banks worldwide to ensure secure transactions in any part of the world.
The partnership with BNC LedgerTech will allow the firm to slowly migrate to the distributed ledger technology.