The trust layer for stablecoin payments

The payment rail and stablecoin development have been evolving fast, as well as bad actors getting more sophisticated.

You must have come across posts where senders mistakenly send funds to the wrong wallet addresses, especially with the rise of clipboard malware that replaces copied wallet addresses with attacker-controlled addresses before the user pastes -- retaining the first and last two characters to maintain disguise, as well as wallet poisoning.

This indicates one thing - while speed is really important for stablecoin payments, it removes the safety net -- once funds are gone, they are gone.

Retail users often face this, but it gets really expensive for financial institutions and businesses where millions and billions are at stake. You can't dispute a stablecoin transaction that gets settled in seconds. There is no option to reverse payments sent to the wrong person.

The fix? Having a programmable escrow for instant stablecoin payments.

With time-based locks for a specific period, a multi-sig option, as well as an option to reverse transactions if fraud is detected, financial institutions are now being safeguarded.

You get to reduce operational costs (wires/reconciliation/manual review), create new revenue streams by taking advantage of the programmable payment options and launching fee-based services, while using your preferred custody and stablecoin partners.

Financial institutions can now get more efficient, secure, and instant payment alternatives compared to wire options, anytime they want - even during weekends or at midnight, with settlements in minutes, while saving on transaction fees, all on Coinbax.

Instant wire alternative path with Coinbax

Take for instance, a digital banking app noticed a series of Authorized Push Payment (APP) fraud (when scammers deceive users/businesses into willingly transferring funds to a fraudulent account, through impersonation, fake invoices, or investment scams).

The app can implement a 5-minute delay (or whatever time is safe for users), on all huge outgoing payments, during which customers can confirm the transaction or cancel it if they realize they are being, or have been scammed.

Delayed payment for fraud review, powered by Coinbax

All of the above solutions point to:

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The trust layer for stablecoin payments

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Financial institutions and businesses would value the few minutes wait-time that gives them an opportunity to review payments and quickly revoke if fraud is detected, unlike the few seconds time they get if sending stablecoins from wallets.

Fintech app users would value timely interventions in times of fraud, leading to reduction in fraud losses, and increase in customer satisfaction, directly tied to increase in customer retention.

If you'd be in Conrad Nashville for the AFT Spring Summit, New York for the Digital Asset Summit, or Las Vegas for the FINTECH Meetup, all happening this March, catch up with Peter Glyman and Justin Seidl to discuss integrating with Coinbax, or visit their website for more details.