Description
Proton is improving and streamlining the verification and speed at which payments are processed either between banks or merchants. Currently for traditional payments, users aren’t asked for consent before a payment is processed, unless going over a comfortable limit, from the credit card processor, and the second layer of authentication is usually an insecure telecom network. Cryptocurrency has no native compliance tools for anti-money laundering, identity, source of funds, or risk scoring for financial institutions to adopt it. Previously, there wasn’t a way to push or pull funds (or for legacy finance to interact with crypto finance) in real time on the blockchain from credit/debit/ACH/IBAN. Proton solves this problem by integrating identity verification. But beyond being an app platform with an unified identity model, the Proton blockchain was designed to allow websites and apps to push payment requests directly to Proton-compliant wallets. Proton will solve this problem by creating a namespace that works across multiple payment providers, identity verifiers, and payment transmitters. Gone are the days of entering your bank password or credit card number online; crypto and fiat wallets alike now interact as one network to streamline the process of making and receiving payments.