Backpack.io, a pure B2B SaaS All-in-one back-office platform for the fintech industry has joined the growing number of Early Adopters who are committing to integrate the PumaPay open source blockchain-based protocol into their technologies.
As one of the leading suppliers of AutoKYC, CRM & Payments in the capital markets, Backpack’s feature-rich, trusted, and reliable all-in-one back office platform can easily support high volumes trade transactions in excess of hundred million volume per day. More than 30 financial firms have integrated Backpack CRM and KYC modules to manage their onboarding and maximize their business efficiencies. The next-generation SaaS technology is deployed in more than 22 countries and complies with different local regulatory environments.
To give their clients in the financial industry, retail broking, and electronic trading technology sectors an easier, efficient, and convenient method to transact daily while saving substantial amounts and reducing risks, the fintech Singapore-based startup will implement the PumaPay Pull Payment Protocol into the Backpack platform.
“We see a tremendous growth in demand for alternative to FIAT payment options in the fintech space, and PumaPay brings an excellent solution to our b2b clients who are willing to let their traders fund their account with a digital currency while complying fully with all KYC requirements,” says Yoni Avital, Backpack CEO.
With the adoption of PumaPay’s fast and highly flexible blockchain-based billing system, Backpack will be able to incentivize their merchants to use and accept PumaPay tokens (to be listed PMA in exchanges) as payment option listed as part of the payment options available.
Built entirely around the functionality of the PMA, the PumaPay ecosystem will promote the adoption of the token among Backpack’s e-commerce and online service providers, modernizing the outdated payment card system that uses credit cards, debit cards, pre-paid cards, and charge cards. Transactions involving intermediaries are inefficient, expensive, and risky, and Backpack can eliminate these with the integration of the PumaPay protocol which allows for the direct transfer between customer and merchant without going through the extra layer of banking.
To improve the payment process between Backpack merchants and their customers, the pull payment protocol offers a unique architecture of smart contracts that will overcome existing blockchain limitations, enabling the scenarios such as scheduled payments, monthly subscriptions, direct debit, and so on -- which can be tailored to fit unique billing needs and “pull” funds from customers’ wallets following a predefined set of parameters and limitations.
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