Appzone Group, a fintech software company, has announced the launch of a blockchain platform for payment processing.
According to the company, the platform, called ‘Zone’, facilitates local and intra-African payments in fiat and digital currencies.
It said in a statement the platform formed the foundation of its plans to build Africa’s first decentralised payment network, to allow inter-bank transactions to be processed directly between banks without any third party.
AppZone said, “Fintechs and banks within countries across Africa have traditionally performed inter-bank payments through centralised electronic financial transaction switches, which serve as single points of contact between financial institutions and handle settlement at defined intervals, although they usually cause major downtime when they fail and generate reconciliation issues in certain situations.
“Zone enhances this by providing a decentralised architecture where each participating institution connects directly with all others so that there is no need for central infrastructure, and no single failure can affect the entire network.”
According to the statement, the new platform reduces transaction processing costs and improves customer experience for end-users.
The company said its platform had provided a real-time settlement layer with a fiat-backed digital token for settlement that would allow banks and payment companies to process transactions across countries easily.
The Chief Executive Officer, Appzone Switch, Uche Elendu, said, ‘’Zone Switch represents the cashless and borderless future of payments in Africa.
“With an unprecedented level of network redundancy and security, the platform will eliminate the systemic risk associated with centralised payment systems while delivering the uptime and throughput required in a truly cashless society.’’
The company said 10 commercial banks in Nigeria had connected to its network, adding that it would provide banks and fintechs with simple APIs for various types of transactions, including account-to-account transfers, merchant payments, and cash transactions at ATMs or agent locations.
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Source: Tech firm launches blockchain payment platform