Global payments in real-time with close to 90% lower cost.
Stockholm-based fintech startup Centiglobe is building a global payment infrastructure, with instant clearing between banks and mobile wallets. The project is made in collaboration with local actors and some of the major banks in Bangladesh. The first live transaction was successfully executed on September 13 this year.
“Right now, we want to help banks streamline internal transactions so we in the future also could help the people depending on remittance services to retain more of today's high fees. This is a big thing for guest workers who send money home to their families” says Martin Edward, who leads the project with Centiglobe in Bangladesh.
Centiglobe's vision is to change the global payment market with the help of new technology that streamlines international payments. Through a joint-research collaboration project with professors and other faculty from Stockholm School of Economics and The Royal Institute of Technology, the new solution allows costs to be reduced by close to 90 percent for international transactions and for the transactions to be made in real-time.
Centiglobe was founded in 2017 and builds the underlying infrastructure for international transactions. The company is now integrating the infrastructure in Bangladesh. A demo for international transactions between Swish in Sweden and a mobile-wallet player in Bangladesh was conducted successfully, and the first live transactions were successfully completed on September 13 this year.
“Our goal is to deliver a global infrastructure that enables faster, cheaper and more secure cross-border payments. In Bangladesh, there is a great need for real-time payments between different actors. Bangladesh is an interesting market where we can help the local actors, especially now that larger global companies in the payment-arena are starting to enter the market”, says Henrik Gradin, CEO and founder of Centiglobe.
In short, Centiglobe is developing a real-time clearing and transaction system where currency conversion is done automatically in the system. The system is based on a decentralized database that enables a higher level of transparency and traceability of transactions. This week Centiglobe was announced one of five Swedish startups selected to PwC and Findec new accelerator program, The Bonfire.
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