The specialist in the anti-whiteness cryptocurrency (AML), notabene, introduced notabene Flow, a stablecoin payment platform designed for high-value commercial transactions.
Notabene, a company focused on compliance with cryptographic transactions, such as the application of the so-called “travel rule”, said its platform adds absent features of crypto rails to a statement sent by email on Monday. These include payment authorization, invoicing and the settlement of disputes, to make stable transfers viable.
Institutional companies such as Zodia Custody, Bitso and Borderless are among the first adopters, who seek to combine the speed of stables with standards of compliance familiar to traditional finance (tradfi).
There are many things around Stablecoin payments for the moment, including the announcement this week that Swift, the long-standing interban messaging platform, will unveil its own stablecoin system for blockchain payments.
An obstacle to stablecoin payments is that most cryptographic transactions are “pushant”, leaving companies without guarantees to reverse payments or block fraud, said Notaben. The new application of the company presents traction payments, recurring invoicing and standardized coordination between verified participants, supported by the network of more than 2,000 regulated entities of the company.
The platform is based on the transaction authorization protocol, an open standard that works rather as a quick-style messaging layer. Notabene has teamed up with the Global Legal Entity Identify Foundation (Gleif), a means of carrying out a verification of the entities anchored to the internationally recognized Lei standard, giving each participant a reliable foundation of counterparty confidence.
“B2B cross -border payments have always been slow, expensive and complex,” said Pelle Braendgaard, CEO of Notabene. “Stablecoins are the first real opportunity to change this, but these high value payments require a confidence framework to succeed on a large scale. Notabene Flow offers this framework.”
