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

By Pavithra R

Apifiny, 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.