Is the Varipay Platform Secure?
The technology underpinning Varipay was developed to be regulator-friendly, super-secure, and scalable. It was developed by one of the most well-known names in the E-Transaction sector who also worked on SWIFT and Mondex in the past to implement bank-grade security solutions consisting of Hardware Security Modules, specifically encryption which is accepted and widely used by leading banks.
How Does Varipay resolve Liquidity Issues
Varipay helps clients to power a dynamic, low cost inter-bank international remittance program by using our platform as the core. Our ecosystem deals with liquidity based on the concept of the ‘good funds’ model. Every type of E-Transaction has an underlying fiat-based currency within the ecosystem which almost completely negates any risk whatsoever related to transacting on the Varipay platform.
How is Varipay Different to other Blockchain platforms?
Platforms which are blockchain-based need replication of distributed ledgers across all nodes within the platform along with leveraging proof of work models to reach a trust-less consensus. This is what causes the processing time to take many minutes. However, with Varipay, it is a system of distributed secure asset stores with patented messaging protocol which allows instant and immediate payments between fiat-based currencies.
Will Varipay adhere to global regulations?
Varipay ensures that each and every transaction contains all of the required information to meet with the strictest of regulatory needs. This therefore lessens the compilatory requirements placed on those participants who are present within the Varipay ecosystem.
With the increasingly complicated requirements of compliance regulation for a number of payment system participants, having a robust framework in place is vital to ensure that fraud, anti-terror, and money laundering activities are kept at bay. Payment Systems that are still considered to be ‘legacy systems’ find it challenging to keep up to date with dynamic regulation requirements.