How payments work on the Bantu Network
International and cross-border payments, especially in African markets, require companies and financial institutions to hold pre-funded accounts in foreign currencies or other collateral. This creates friction and can be costly while tying up resources due to regulatory and current legacy systems. The Bantu Network provides a more innovative solution. While any company or financial institution on the network enjoys reliable, instant and lower-cost transactions, those who use the BANTU network
token to source liquidity can do so in seconds–freeing up capital or digitized assets and guaranteeing the most competitive rates for their services.
Bantu Network users can use the Bantu network token to bridge two currencies or digital assets in
under five seconds, ensuring payments are quickly sent and received on either side of a transaction in the local currency or traded digital asset.
The sender initiates a payment which triggers a requests for a quote on pricing and forex.
Bantu’s technology calculates the pricing and forex across all parties and liquidity providers using its decentralized exchange orderbook and returns a quote to the sender. This is done by searching the orderbook for the best conversion rates.
The sender accepts the quote and submits payment instructions, initiating the payment.
The sender’s service or application debits the sender’s account and the Bantu network converts that amount into Bantu network tokens.
Bantu network tokens and other operations are then bundled into a transaction and submitted to
the Bantu network for processing.
On the receiver’s end, the Bantu network tokens are converted into the receiver’s local currency or digital asset and the receiver’s account is credited.
Settlement happens in under five seconds.
The sender and receiver both receive confirmations that the transaction is complete.
Note: These series of steps above are actually atomic, meaning everything happens instantaneously. If any part of the above process fails, then the entire transaction fails. Nothing gets credited or debited.
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