Six Clovers launches RAPID, a decentralized payment network built on Algorand
By Pavithra R
Six Clovers, a decentralized global payments network, has announced the global launch of its financial technology infrastructure connecting banks, merchants, and payment providers to transact in digital currencies.
Today FIs and businesses primarily rely on the SWIFT protocol for cross-border payments. The transfer process in this payment infrastructure is a long, multi-day journey across the network of banks, often spanning multiple time zones, with fees that must be paid to each intermediary along the way. With an estimated $2.5 quadrillion transferred globally each year, the market is ready for an upgrade.
Six Clovers meets this demand with its launch of RAPID, a decentralized payment network enabling organizations to instantly move and transact digital currencies, built on the eco-conscious Algorand blockchain and stablecoin technology. Organizations can seamlessly integrate RAPID with their existing payment platform. Once integrated, businesses can connect to the decentralized finance (DeFi) ecosystem to enable faster, cheaper, and more secure cross-border payments.
“Six Clovers is creating a bridge between traditional and decentralized finance, expanding access to the next generation of digital products and services, an abundance of which we are seeing built on Algorand. We are excited to see Six Clovers leverage Algorand’s fast, stable and efficient blockchain architecture to build the next-generation decentralized payment network,” said Steve Kokinos, CEO at Algorand.
Key features and benefits of Six Clovers’ RAPID instant payments network include:
- Payments, reimagined: Redesigned time-tested payment capabilities such as international payments, domestic payments, payouts, refunds, and much more adapted to blockchain technology.
- Blockchain native: Six Clovers’ RAPID is built on Algorand blockchain, which was designed for modern financial applications and provides the security, scalability, transaction finality and decentralization required for RAPID users.
- Stablecoins: RAPID uses regulated stablecoins including USDC to represent fiat on-chain, and enables the instant transfer of value between sender and receiver.
- Trustless: Transactions are peer-to-peer – significantly reducing counterparty risk.
- High performance: The network can sustain nearly 46,000 transactions per second and can confirm transaction finality in approximately 2.5 seconds.
- Transaction and data privacy by design: All transactions adhere to the strictest global data privacy requirements.
- 24/7 Availability.
Six Clovers allows organizations to fully integrate and enable real-time payments using the efficiency and scale of digital currencies, and expand their markets by offering fast and seamless cross-border payment capabilities. The firm was founded by PayPal business and technology leaders Jim Nguyen and Nas Kavian, and is backed by investments from Borderless Capital in participation with BCW Group and Grupo Supervielle along with angel investors. Using the Six Clovers platform, banks, merchants, and payment providers around the globe can easily accept and render payments in digital currencies.
“Six Clovers is a next-generation payments infrastructure that solves many of today’s challenges with domestic and cross-border payments, while opening up a whole new world of digital finance opportunities. We equip financial institutions, payment providers, and merchants with a full-stack, blockchain native payment infrastructure to seamlessly and securely move and transact in digital currencies globally,” said Jim Nguyen, Co-Founder and CEO, Six Clovers.
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