In the world of cryptographic and blockchain technologies, business options are as large as people's needs.
In the case of companies dedicated to facilitating payments between individuals, the choice of which blockchain to use and which fintech to employ is of vital importance for their growth. However, the symbolic relationship between fintech based on cryptography and fiatech has led to greater public exposure to the world of cryptocurrencies and blockchain technologies.
In the case of blockchains specialized in providing solutions to banks and payment service providers to process cross-border transactions, 2 are the blockchains that currently dominate the sphere: Stellar and Ripple.
Stellar and Ripple are two developments that try to offer solutions to the same problem but from 2 almost diametrically opposed perspectives. Stellar prefers to decentralize while Ripple prefers more centralized protocols.
Time: Stellar is a natural adaptation
In an interview for the Blockchain Podcast # 66 of Finance Magnates Anthony Barker, Chief Technology Officer [CTO] of The International Money Transfer Company Time, based in Paris, commented on the advantages of using blockchain for the financial sector and the reasons why the team of this company chose Stellar on Ripple.
For Mr. Barker, Stellar's philosophy seems to be more in line with the company's standards. Its open design makes it a "natural adaptation" for the company.
"Stellar was a natural species for us … My instinctive reaction was that [Ripple] is not so good for building the community … [It’s] much more like a Visa / Mastercard … I think firmly that the open systems will win in the long term. "
Cryptos: Fiat 2.0
He says that the possibility of developing a Token under the stellar blockchain allowed Time to create a fast, reliable, but above all a secure payment solution at the institutional level.
"We've worked with Jed McCaleb and its developers, and we've added compliance, so it's integrated into Stellar as a second-tier standard protocol … so we know how to send name, surname and date of birth throughout.
They added that very quickly simply because they are really focused on this case of using global remittances, "
For Mr. Barker, the criptos represent an advantage over traditional fiat-based systems that allow payments made almost instantly regardless of the characteristics of the transaction. A $ 1 remittance can be reconciled with the speed and efficiency of a $ 1,000,000,000 remittance through the use of cryptocurrency.
"When you go to someone like a Western Union, they will have some money sitting in the other country, and they will make a payment from their account in that country to make it faster. problem of using money using the SWIFT payment system, and it is very expensive, cumbersome and slow …
That's why we migrated to the blockchain … It's really expensive, it's a nightmare [with correspondent banks]money is stuck and no one knows where it is or where it has been blocked. "
Time is currently building an important base of strategic allies to expand operations across Europe.