Payment company Xfers has partnered with blockchain startup Zilliqa to explore the use of blockchain and smart contracts to bring greater speed, efficiency and transparency to payment solutions for enterprises, the company said on Tuesday.
Xfers, a Singapore-based payment processing gateway offering credit card processing and Internet banking transfers, will leverage Zilliqa’s smart contract functionalities to bring “new innovations” to its Xfers’ suite of enterprise solutions, which include support for payments, disbursements, regulatory compliance and a built-in digital wallet. Using blockchain technology, the company said it hopes to drive greater efficiencies in cost, transparency, and security.
“Our vision at Xfers has always been to create the trusted, digital financial ecosystem in Southeast Asia,” said Tianwei Liu, CEO and co-founder of Xfers.
Founded in 2014, Xfers provides an online platform that enables users to collect payments and make payouts automatically. It enables sellers to collect online payments, developers to integrate embedded checkout and automate their payouts, and businesses to disburse payouts to their vendors and contractors instantly through dashboards. The company processed over US$260 million across Singapore and Indonesia in 2018.
Xfers is a graduate of Y Combinator’s summer 2015 class and counts amongst its backers Challenger, Quest Ventures, 500 Startups, Golden Gate Ventures, as well as angel investors Eduardo Saverin.
The company boasts a portfolio of clients in the fintech space that includes the likes of Tunaikita and Julo, two Southeast Asian peer-to-peer lending platforms, and Payfazz, an agent-based financial platform in Indonesia.
Blockchain startup Zilliqa was founded in 2016 by the computing faculty and research team of the National University of Singapore (NUS). The startup has developed a high-throughput public blockchain platform designed to scale to thousands of transactions per seconds.
The core feature that makes Zilliqa scalable is sharding, a database partitioning technique that divides the network into several smaller component networks capable of processing transactions in parallel.
Zilliqa aims to rival payment networks Visa and MasterCard, and claims that with a network size of 10,000 nodes, it would be able to match their average transaction rate. To date, the network has been able to process 2,828 transactions per second.