Wallter®’s long-term strategy, as defined by its management, envisions that blockchain will be an integral part of the digital banking industry. Traditional banks as we see them today will have to change and adapt. Branches will close. Call centers will shrink and we will see more and more digital advancements. Wallter® as a major player in alternative/digital banking must offer more and more products and services involving digital assets, not only cryptocurrencies, but also NFTs, DeFi, Cryptocurrencies, AML information, etc
As a first step, Wallter® customers will soon be able to buy and sell major cryptocurrencies on the Wallter® platform, using a third-party subsidiary of Wallter®. Businesses will be able to securely transact with cryptocurrencies using the Wallter® platform. This will be done using innovative AML rules and procedures and unique flows that we have established.
The benefits for businesses are faster services and the fact that banks’ compliance services today are less and less accessible or understandable. Using Wallter® will allow businesses to transact under the umbrella of Wallter® Compliance. To take advantage of our EDDs on onboarding and retrospective tracking and transactional rules. We will offer them safety, security, reliability and credibility knowing that they can trust our services.
Challenges Crypto Payments Solved in B2B Cross-Border Transfers
A company sends money, but the money is stuck in a correspondent bank, no one explains the documents requested or takes the time and effort to understand the transaction. Wallter® customers have a personalized account manager. Compliance requirements are made accessible, speaking the words of the customer and asking for supporting documentation. This allows the TRX to pass through reliable supporting documents, and transactions are verified, approved or rejected. Trading digital assets at Wallter® will allow you to trust our on-chain analysis, our source of verification of funds, and allow your business to transact faster, safer and more reliably.
Industries interested in crypto payments
There is no limit to certain industries. Any activity that will be authorized by Wallter® in our list of prohibited activities should be interested in this solution. Let’s take an example from the gaming industry – almost trillion dollars in turnover worldwide – the goal of merchants is to enable players to use alternative payment methods – quickly, securely and reliably. . This is a great example for interested vertical/industrial companies. The same rule applies to e-commerce, high tech, IT companies, platforms like Airbnb, etc.
Dealing with companies that are reluctant to make and accept crypto payments
The train of Blockchain and digital assets has left the station. Get on board and help us grow the market by creating clear AML rules and procedures, unified regulation, set standards that don’t exist today. In 2-3 years you will regret not having participated in this revolution. The blockchain and digital asset revolution equals the industrial revolution of the 1800s.
Cryptocurrencies as a standard for B2B transactions
Several countries have introduced favorable crypto regulations, and other countries have fully embraced cryptocurrencies (Central African Republic became the second country in the world to adopt Bitcoin as its official currency after El Salvador took the same step in 2021).
Once governments understand that digital assets can also solve major ML problems and be more reliable, secure, fast, and traceable, we will see more and more countries offering national cryptocurrency to their citizens.
Governments are already taking steps to promote CBDC initiatives. So we will soon see, for example, a US digital currency issued by the Federal Reserve. A European digital euro. We will no longer carry wallets or bills. And all transactions will be digital.
Although the privacy, performance, security and stability of traditional financial institutions face challenges, once regulators find a way to monitor these digital currencies, they will become legitimate and change the way we pay.
DeFi and Web3 will completely reshape the way companies manage their finances and the future of cross-border B2B transactions
Cryptocurrency is the foundation on which DeFi and Web3 are built. DeFi and Web3 are a revolution. Not only will this change the financial industry, but it will also change the internet itself. Using different infrastructure and rails to transfer data and digital money will redefine a whole new way to connect people and businesses. It will change our perception of reality, but it will take time. Before Web3 is used as a standard, the CBDC is likely to have a profound impact on the cross-border industry.
Traditional finance and decentralized finance will continue to exist side by side in the future, but in a different way.
Traditional banks will become backend services, which will be consumed by the fintech industry, fintech will provide the services for customers, and money will be digital and accessible, using DeFi infrastructures.
To survive, financial organizations will need to find new business models, either through partnerships or by developing new services and value propositions.
Eventually, financial services will become a commodity embedded in daily activities and consumers will become less loyal to specific brands.
The Cryptocurrency Industry in 5 Years
Wallter® celebrates its fifth anniversary this year and it seems like we started yesterday with a dream, an office, a banking partner and a vision. We haven’t thought about cryptocurrencies. When people approached me back then, I was anti-digital assets. I thought it was just another trend or ponzi scheme. I also thought it was a way to launder money and circumvent rules and regulations that would be used by the wrong people. As time goes by, I admit that I was wrong. In 5 years, 10 years and 15 years, a world without cryptocurrencies will seem strange. Digital assets make sense! They are innovative. Sure. Secured. Fast. Reliable. When properly regulated, they can help prevent money laundering. Wallter® has written protocols and procedures to anticipate major problems. We put together a team that worked for 18 months on our feeds, what we control and the procedures we implement – to set a superior benchmark in this unregulated market. Our customers won’t like it at first, but as always will understand that we’re doing it to help them work in a safe environment. Thus, in 5 years, Wallter® will be a leading player in providing digital asset services and capabilities to its merchants and other financial institutions.
About Isaac T. Armoni
Isaac is Managing Director of Wallter®. Banking, compliance and legal professional with a proven track record of over 20 years of success while working for various global corporations and banks. Utilizing his comprehensive experience in venture capital, IT, start-ups, banking, finance, aviation, compliance and corporate banking, Isaac brings his proven expertise, knowledge and network of international banks, affiliates, lawyers and other service providers to Wallter. ®. Isaac holds an LLB and an IMBA (cum laude).