Paygine - Open financial platform

maniakbtc (1)(1)in #cryptocurrency • 6 years ago

The cryptocurrency market is a multibillion-dollar business. It is impossible to ignore the existence of cryptocurrency technology and blockchain but also many challenges.

The biggest challenge preventing the majority of companies from providing payment services based on cryptocurrency, is the establishment and maintenance of contractual relationships with banks and money transfer operators. Companies that provide such services say that their main obstacle is the high cost of ensuring compliance with regulatory requirements. Considering the complexity of the regulatory requirements for cryptocurrency and its rate of change, the task of maintaining and demonstrating compliance with these requirements is very complicated and very expensive

The solution to this problem is to build a new open financial platform based on our own bank located in profitable jurisdictions for transactions in crypto currency and organizations holding US money transfer licenses. The White Label service provided by the platform will allow businesses to develop their own products under their own brand without additional legal fees.

Introducing Paygine

By creating the Paygine platform, we do not make everything from scratch but bring our accumulated experience and all the services and technologies used by Best2Pay as the basis for building. Paygine's key competitive advantage over similar projects is that it can improve the services and technologies of Best2Pay currently used by businesses, e-commerce and other FinTech. The full list can be found in the introduction. We will scale them globally, equipping them with new services designed specifically to help businesses already using (or planning to use) cryptocurrency and blockchain in their operations.

The Paygine platform will allow the use of cryptocurrency in transfers and payments that are usually made using traditional payment instruments:

Transfer cryptocurrency to physical card;
Pay in store using card in cryptocurrency;
Receiving cryptocurrency as payment for goods and services from an online store;
Transfers cross-border fiat currencies using cryptocurrency at minimal cost;
Maintain purses in both fiat currency and crypto currency with the ability to easily and quickly change funds between them.

Service From Paygine

For all the services described below, it will be possible to set tariffs, terms of service, commissions, and more, for end customers. Configuration will be done through the API on an ongoing basis, or at certain operations, enabling Paygine clients to quickly change the terms of service for their own clients, thus providing a flexible competitive service on the spot. and able to implement complex financial schemes.

KYC Procedure

Since the main focus of our business is the transfer of funds between clients in different jurisdictions, we will pay full attention to the process of providing online identification and validation data to clients to:

Achieve compliance while ensuring timely and efficient onboarding of clients;
Understand the true nature and purpose of the account being prepared;
Lower cost of ownership with flexible solutions that can be tailored to respond to changing regulatory environments;
Implement a risk-based approach to KYC compliance that allows us to focus resources and apply appropriate restrictions to high-risk clients.

Maintaining Individual Private Accounts

Individuals will open internal accounts in one currency (USD, EUR, etc.) and will be given an identification status depending on data provided at the KYC stage, applicable law, and individual residence. All calculations and actions with the account will be performed in full with the AML / compliance procedures received on the platform. The ability to open accounts, manage them, provide additional information, and more, will be available through the integrated API.

E-Wallet (Electronic Wallet)

Electronic wallets are the perfect means of payment for those who spend or make money on the Internet by making online purchases or selling goods and services online. With the help of e-wallet, it is possible to create various calculations using virtual money, which can then be converted into individual cryptocurrency, or to fiat currency, and drawn into bank or card accounts.

Swap Between Crypto Currency And Fiat Currency

Exchange plays an important role in the economy of cryptocurrency by offering markets for trade, liquidity, and price discovery. Therefore, it is very important for us to be able to provide exchange services to our clients as well, and to enable them to exchange between different cryptocurrencies and from and to fiat currencies.

Exchange Fiat Currency

We also plan to offer exchange services at customer friendly rates. Currency exchange will always be in demand, and we expect opening in the market given the high conversion rates and bank commissions that usually occur.

Payment Processing For Recipients Of Cryptocurrency Receivers

The Paygine platform (under the Best2Pay brand) is already actively used by many merchants to accept payments using bank cards and conduct over 2 million transactions per month, with turnover in excess of US $ 115 million per month. At the same time, we provide our merchant clients with both functions, which are common in obtaining the Internet, and functions that our competitors rarely offer.

Maintain One Account For Merchants (In Cryptocurrency And Fiat Currency, With The Possibility Of Automatic Conversion)

This service is a logical continuation of the merchant payout in cryptocurrency. Despite the growing popularity of cryptocurrency, most traders trade in fiat currencies. We believe that to increase the attractiveness in handling cryptocurrency, traders must be able to freely convert fiat currencies and cryptocurrencies between each other.

Gives You The Last Mile To Transfer Money To The Destination Country And The First Mile To Transfer From That Country

All current money transfer systems based on cryptocurrency are facing the challenge of finding partners who will provide a stable and affordable money transfer service. When creating our services, we specifically consider the features of the money transfer system that will affect cryptocurrency.

Money Transfer Service - A Service That Provides International Money Transfers Based On Cryptocurrency As Payment Rails

Cryptocurrency is actively used as a mechanism to transfer funds abroad and in certain countries. This is the fastest and often cheapest transfer method. Because of this, we estimate that such services will be in great demand.

Deposits And Withdrawals

Maintaining a variety of ways to deposit into individual PayPal accounts, wallets, and personal cards, as well as developing an extensive way to attract funds from them, is essential when selecting and evaluating the convenience of working with a particular platform.

Provides Access To Many Exchanges Through A Single Interface

The number of crypto exchange in the world continues to increase, but the conditions, protocols, and requirements of all exchanges are different. Often there is a need to work with multiple exchanges at once.

Publish Card Associated With Account In Fiat Or Cryptocurrency

It's still quite difficult to pay with cryptocurrency accounts on the Internet and in brick-and-mortar stores. This problem is solved by removing virtual / physical cards combined with the conversion mechanism from cryptocurrency to fiat currency. Having experience in implementing similar projects in banks, we plan to join one of the international payment system and certification for card issuing, whether physical or virtual.

Peer-To-Peer Service

Electronic wallets are the basis of the peer-to-peer service we have previously highlighted. This service combines the ability to create wallets through the API, and allows for the issuance of virtual cards, and channels of inputs and outputs with various predefined settlement schemes between private individuals. Peer-to-peer services are in great demand in many types of businesses (eg, aggregator platforms) that bring people together to sell goods or provide one another's services directly.

PGC Token

The PGC Token will be a basic functional tool on the Paygine platform and can be purchased through ICO sales or on exchange after ICO.A limited number of tokens (151,750,000) will be generated. No additional tokens will be issued.