Time and technology are ripe for innovation
This visual has been adapted from from a World Economic Forum 2016 report. It captures the speed of innovation, the types of innovations and the opportunity for innovation still remaining.
There is no doubt that the current card networks deliver speed and precision in the front end. They have leveraged microprocessors, mainframes, networks and banking relationships.
However, the four-party model which is a card network classic is antiquated and froth with inefficiencies and costs which have to be borne by the ecosystem. While card networks and banks have tried to leverage newer technologies like artificial Intelligence and biometrics, there is a still much room for innovation and growth.
Technologies like blockchain, artificial intelligence, robotics, and cloud computing are still to be leveraged to their full potential.
Innovations in payment but not cash
Innovation in cash has been especially lacking. There have been two approaches to electronic payment innovation and both have excluded cash. The first is innovations in electronic payments and the second is innovations in cryptocurrency.
Electronic payments have always viewed paper cash as the enemy and their focus has been on eliminating cash. This includes card payments and to some extent schemes like SWIFT and ACH. We hope to change the face of cash so it can play the electronic transaction game. It's time for cash itself to evolve for the modern times.
Cryptocurrency for most part has been about creating parallel currency structures in economies. They discredit current regulated methods of payments and have no regulatory body ensuring order and parity. While there are definitely applications for this type of exchange medium, they are not mainstream and not without risk.
Our innovation addresses the limitations and risks of cryptocurrency while harnessing its benefits.