Introducing Truffles: International Payments and NFT Invoicing
Jul 27, 2023
The Predicaments of International Payments
In today's globalized economy, cross-border transactions have become an integral part of doing business. Yet, for all the advances in technology, international payments are still fraught with issues that hamper efficient and secure transactions. Notably, these transactions are prone to fraud and slow settlements, with issues further amplified when banks are closed outside of regular business hours.
Fraud in international payments can be attributed to the opaque nature of these transactions, where the involvement of multiple intermediaries makes it easier for fraudulent activities to go unnoticed. In addition, the time taken to detect and mitigate fraud is often lengthy, leading to considerable financial loss and damage to business relationships.
Slow settlements present another significant challenge. Traditional international transactions are routed through multiple banks and financial institutions, leading to delays. Payments often follow the SWIFT T+2 settlement cycle, which takes two days for a transaction to be completed.
And finally, the issue of banking hours further compounds these problems. Traditional banks operate during specific business hours, leaving a large window of time when transactions cannot be processed. For businesses operating in different time zones, this delay can lead to significant bottlenecks and inefficiencies.
Truffles is a state-of-the-art platform designed to make international payments faster, secure, and fraud-proof using blockchain technology. We blend the power of NFT (Non-Fungible Tokens) invoices with swift cross-border remittances. Our aim is to revolutionize the financial world by making money work faster in every possible way, catering primarily to those in the commodities business and trading.
The increasing speed of globalization has left traditional financial systems struggling to modernize and digitalize their fundamental components, such as compliance, transaction speed and costs, and the essential elements of privacy and transparency. Compounding these issues are the challenges of fraudulent activities, elongated verification periods, and sluggish payment processes. This is where Truffles steps in, providing solutions to these problems.
Truffles focuses on three major areas:
Compliant Business Banking - Navigating the complex regulatory environments that come with international transactions can be daunting. Truffles makes this easy by leveraging our unique banking design to assist businesses in every step from incorporation to setting up a bank account and making payments.
Blockchain-Enabled Invoicing - Traditional international transactions are often susceptible to fraud and other security risks due to the absence of transparency. Truffles addresses this by providing an invoicing solution that ensures transparent transactions by minting an NFT as proof of payment. This safeguards your private business information and eliminates the risk of fraud.
Accounting Integrations - Truffles understands the intricacies of accounting and compliance procedures. We ensure smooth integration with your existing enterprise systems for hassle-free accounting.
Innovations and Improvements
Truffles has significantly improved the SWIFT T+2 settlement cycle. While it usually takes two days for a transaction to be settled, Truffles has shortened this process to just T+2 minutes! Moreover, we've ensured banking services are available round the clock, regardless of regular Singapore banking hours.
We are privileged to be associated with some of the most prestigious partners in the industry. Backed by Outlier Ventures, we've partnered with Polygon Labs, Halborn Security, and others to develop Truffles. These collaborations ensure our customers have access to world-class banking partners, KYC providers, auditors, and the highest security for their business and transactions.
Who We Are Building For
Truffles has been meticulously designed with Commodity Businesses, SMEs, and Startups in mind. We are excited to share more updates and innovations as we continue on this journey. This is just the beginning of what we aim to achieve!
Stay tuned to learn more about our future developments and how Truffles is shaping the world of international payments, one transaction at a time!