One of the things traditional finance seem to lack these days is transparency. When a customer makes a wire transfer, for example, it can take anywhere from five minutes to five business days to complete, yet no one has any idea why there would be any delays. Wayerz has launched the Global Payments Network, which will let people track the progress of their wire transfers. However, this feature is limited to financial institutions and enterprise clients.
Also read: Decentral Announces Bitcoin Cards in Canada
The Global Payments Network Offers Transparency of Sorts
It is important to keep in mind this new platform, developed by Wayerz, will not be accessible by everyday consumers just yet. For the time being, online banks and their enterprise clients can track the status of a wire transfer, and receive email notifications in real-time. Even though this platform holds a lot of promise, a consumer-grade solution is direly needed as well.
As one would come to expect from such a solution, the Global Payments Network integrates directly with existing bank infrastructure. With international wire transfers taking multiple days – or even over a week – to complete, it is valuable to have real-time tracking capabilities to weed out any delays or roadblocks in the future.
But there is more to the Global Payments Network than just that, as this semi-transparent solution gives banks even more insights into customer payment activity. At the same time, this will allow developers to integrate and create new tools which utilize this information and convert them into more convenient user interfaces.
One of the main reasons why alternative financial solutions – including Bitcoin – are gaining more popularity in recent years is due to heightened transparency. Traditional finance, on the other hand, remains a very closed loop system, where consumers and enterprise clients have little to no insights as to why transfers take so long.
While the Global Payments Network might be far from a perfect solution, the protocol creates a beneficial tool for established financial players. If there would be any problem when executing an international transfer, banks can look for alternative routes to move funds next time. Additionally, they will gain better insights as to how much the transfer will cost them, as well as how long it will take to clear the payment.
A Sort of Private Blockchain Without Consumer Access
This concept paints an interesting picture as to how private blockchains might look in the future. Distributed ledger technology will help banks gain a better understanding of their own protocols and transfer routes, as well as help reduce fees and provide real-time notifications. But at the same time, the Global Payments Network fails to provide transparency towards consumers, which is the key problem.
Bitcoin and its blockchain, on the other hand, provide real-time statistics regarding transactions for anyone in the world, without requiring special clearance to access this data. Even people who do not own Bitcoin can check the progress of any transaction in the world. Such a level of unprecedented transparency is what makes digital currency so popular all over the world.
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.