Paytah Wallet – Traditional Financial Services empowered by Blockchain Technology.
2018 – 12 – 20
Paytah Payment Solutions announced the release of its new digital platform: The Paytah Wallet – a multicurrency account App running on the blockchain.
The new digital platform was developed in partnership with Heat Ledger. It uses 3rd generation distributed ledger technology to enhance traditional money services and to add special features related to security, privacy and transparency.
Transactions are faster, cheaper and safer. The Paytah Wallet is linked to a fully functional IBAN and incorporates all the main financial services of a payment account. Services include: Instant transfers within Paytah accounts; Euro transfer to external accounts via SEPA and SWIFT; Euro deposit through SEPA, International wire and Credit card; Private encrypted messaging between client/Paytah or client/client and Additional FIAT currencies (26 different currencies available)
The use of blockchain technology provides a full, unmodifiable audit trail to comply with regulatory requirements. Additionally, client-side encryption of transactions adds an extra layer of security to the system. Blockchain and the Private Key system put the client in control of its assets. Account balances cannot be adjusted, or transactions authorized without the user’s registered device explicitly providing access credentials for every transaction.
Marco Lavanna, Founder says:
“Having an account running on the blockchain eliminates the need of the so-called Trust Factor, and here lies the significance of resorting blockchain technology to improve traditional financial services.
Our App replaces the confirmation payment pass codes usually sent via SMSs and traditional token devices with unique Private Keys. The Private Key puts the account owner in control of their funds, no third party other than the Private Key holder can validate transactions. When authenticating a transaction, the private key triggers an automatic process that cannot be tampered nor interrupted.
The blockchain technology brings to our relationship with the clients a level of transparency otherwise impossible. In the financial world we know, financial transactions are 100% depended on the good intentions of a third party. When moving funds, the person would put its trust on a bank to rightfully make the transfer to the designated beneficiary. No trust is required when you have an account running on the blockchain.”
Add-ins are already under development and account owners will soon be able to hold, send and receive funds as well in cryptocurrencies.
The service is now available to individual and corporate customers. The user interface comprehends a mobile and a desktop version. And it was meticulously developed to be hassle-free and easy to handle.
PAYTAH Payment Solutions (Phoenix Payments Ltd) is a regulated financial institution, licensed by the Malta Financial Authorities (MFSA) to provide payment services across all 28 EU and EEA member states. We operate under the legal framework of the PSD2.