Apifiny, a leading fintech company that is building a new internet of financial services, today announced that ECS Fin will begin a pilot program to test the integration of Apifiny’s Roxe instant settlement network.
The Roxe network is designed to save financial institutions significant time and costs by using blockchain technology to provide highly reliable, secure, and real-time clearing and cross-border settlement of payments and remittances, traditional assets, and digital assets.
On the heels of the The Office of the Comptroller of the Currency’s (OCC) recent decision to allow banks to offer crypto custody services, the news is another step forward in the integration of traditional finance with decentralized technologies. Apifiny is focused on connecting centralized financial institutions with decentralized networks to provide simple, fast, and flexible global trading, liquidity, and settlement solutions for trading institutions, digital asset exchanges, and banks.
“We are leading the industry shift from a traditional account model to a new digital asset paradigm,” said Haohan Xu, CEO of Apifiny. “Today’s international payment settlement systems are too slow, unreliable, and expensive. Our partnership with ECS Fin can enable banks to remove barriers of time, geography, and currency so that financial value can move more reliably and much faster at much lower costs anywhere in the world.”
“Our partnership with Apifiny reflects our accomplishments in creating highly efficient and customizable payments and trade settlement solutions,” said Jacob Aruldhas, CEO of ECS Fin. “We chose to engage the Roxe network in our payments platform since it provides tremendous value to our bank customers for both domestic and cross-border payments and will allow us to quickly and seamlessly expand into crypto markets.
Through the Roxe global instant settlement network’s one-to-many connection, existing and future bank customers of ECS Fin will be able to subscribe to the Roxe network service bureau via ECS Fin’s IMS Platform.
In addition, ECS Fin will test the requirements to become one of the supernodes on Roxe Chain, the blockchain technology powering the Roxe network owned and administered by the Roxe Chain Foundation Limited. A complete overview of the role and value of Roxe Chain supernodes can be accessed here.
The Roxe network is designed to deliver settlement in seconds, instead of minutes or even days, amongst its member nodes on a permissioned blockchain network. Unlike previous approaches that attempted to enable clearing and settlement via the use of one digital asset, Roxe is designed to transfer and settle many different assets and asset classes. The Roxe network is currently designed to support USD and several major digital currencies, with a goal of supporting all G20 fiat currencies and all top 50 digital currencies.