back Back

Apifiny & ECS Fin partner to launch pilot program; tests Roxe Network for bank customers

By Pavithra R

September 21, 2020

Share

Apifiny Partners with ECS FinApifiny, a leading FinTech company building a new internet of finance, has announced that the firm has partnered with ECS Fin, an engineering enterprise that specializes in process optimization.

Under the partnership, ECS Fin will begin a pilot program to test the integration of Apifiny’s Roxe instant settlement network on behalf of its bank customers. The Roxe network is designed to save financial institutions (FIs) time and costs by using blockchain technology to provide highly secure, reliable, and real-time clearing and cross-border settlement of payments and remittances, traditional assets, and digital assets. The network is designed to support USD and several major digital currencies, with a goal to support all G20 fiat currencies and all top 50 digital currencies in future.

Through the Roxe global instant settlement network’s one-to-many connection, existing and future bank customers of ECS Fin will be able to subscribe to the Roxe network service bureau via ECS Fin’s IMS Platform. Besides, ECS Fin will also test the requirements to become one of the supernodes on Roxe Chain, the blockchain technology powering the Roxe network owned and administered by the Roxe Chain Foundation Limited.

“We are leading the industry shift from a traditional account model to a new digital asset paradigm. Today’s international payment settlement systems are too slow, unreliable, and expensive. Our partnership with ECS Fin can enable banks to remove barriers of time, geography, and currency so that financial value can move more reliably and much faster at much lower costs anywhere in the world,” said Haohan Xu, CEO of Apifiny.

Recently, The Office of the Comptroller of the Currency’s (OCC) allowed banks to offer crypto custody services. The partnership between Apifiny and ECS Fin marks a step forward in the integration of traditional finance with decentralized technologies. Apifiny is focused on connecting centralized FIs with decentralized networks to provide fast, simple, and flexible global trading, settlement and liquidity solutions for trading institutions, digital asset exchanges, and banks.

“Our partnership with Apifiny reflects our accomplishments in creating highly efficient and customizable payments and trade settlement solutions. We chose to engage the Roxe network in our payments platform since it provides tremendous value to our bank customers for both domestic and cross-border payments and will allow us to quickly and seamlessly expand into crypto markets,” said Jacob Aruldhas, CEO of ECS Fin.

Founded in 2019, Apifiny advances institutional trading and value transfer by eliminating inter-market friction and post-trade settlement inefficiencies.

Previous Article

September 21, 2020

UK challenger Ziglu opens crowdfunding round to public

Read More
Next Article

September 21, 2020

Westpac announces new Chief Executive for its Consumer division

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 29, 2024

Afin Bank and Thought Machine launch digital bank for Africans in the UK

Read More

October 22, 2024

Tuum partners with Google Cloud to deliver core banking in EMEA

Read More

October 17, 2024

Stress and Mortgages: Are UK Banks Failing Homebuyers?

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More