Innovation in digital payment solutions on blockchain
At Finweg, we develop new Digital Payment Solutions on Blockchain technology to facilitate the offer of services provided by financial institutions.
We have more than 20 years of experience in the development and implementation of technology and solutions for payment processing, covering the entire process from its deposit, back-office validations and presentation to the Clearing House, in high production environments in Spain, Latin America and the USA.
Transforms current payment methods to increase their security and efficiency.
Enables the creation and incorporation of new payment solutions, applications and services, which streamlines the process at a very low cost.
Provides new actors with system access, incorporating entities such as:
- retail chains
- service providers
- government agencies, etc..
Contributes for a comprehensive credit risk management process so that clients can have a better view of their overall position in the system
Allows for a better exploitation of Big Data by applying AI models for behaviour analysis, macroeconomic trends, liquidity needs of the system, anticipating situations, etc..
The full lifecycle of payment orders is managed in a comprehensive manner, providing a global view of their status to all the actors involved, according to the rules and regulations of the applicable organisations.
Decentralised and collaborative process
Its settings reduce processing and information exchange needs between entities because they all work with the same smart contract model.
Traceability and control
We can address different Use Cases providing an enhanced digital alternative:
Advanced Direct Debit
Full cycle management of direct debit payments
- All players involved share a contract regulating direct debit conditions: receipts periodicity, fixed or variable amount, order confirmation, etc. The platform manages the execution of payments when the conditions are met; manages conditions modifications, accounts, client management and rejection of receipts.
- 100% electronic process, from the generation of the direct debit, the communication between players, receipts generation and validation and transfer of funds.
- Traceability of all operations visible to all those involved in them (users, service companies, financial entities).
Payment subject to a certifier validation
- The client generates an electronic payment document indicating the amount, the beneficiary and the certifier. If needed, the bank guarantees the funds, blocking them until the operation is completed. The beneficiary, once the terms are confirmed, accepts the payment instrument.
- When the certifier validates that the conditions have been met, approves the payment and the transfer of funds is made automatically. If, on the contrary, conditions have not been fulfilled, it rejects it and the funds are returned to the client.
- The entire process is electronic, the full transaction history is traceable, unaltered and transparent to the participants in the operation.
Electronic Alternative to Legacy Payments
New 100% electronic payment that can replicates existing payment models or generate new ones.
- The company (banks client) generates electronic payment documents with expiration date (check, promissory note, etc.). The bank guarantees the authenticity of the documents and its management.
- Elimination of problems associated with manual processes: errors, losses, duplicates or fraud.
- The supplier can endorse it or negotiate its discount in an electronic environment.
Electronic Letters of Credit
Electronic Letters of Credit management for financial transactions, Sale & Purchase Agreements, International Trade, etc.
- Letter of Credit processes to regulate standard transactions, incorporating all the players in the platform.
- Management of compliance of the agreed Terms & Conditions by the certifiers (if required) (can be entities, notaries, Trade departments, or even IoT devices).
- Automatic management of payments when the conditions are met.
- All players involved in the Transaction have access to the Platform for management, follow-up and controlling.
Electronic Bank Guarantees
Automated management of the life cycle of Bank guarantees
- The conditions of the Bank guarantee are regulated in the Platform: amount, duration, guarantor, guaranteed, beneficiary and the certifier that indicates whether it should be executed.
- The whole process is electronic, from the generation of the guarantee until its completion.
- Traceability of all operations is visible to all those involved in them.
Immediate International Transfers
International multi-currency payments with global liquidity management.
- The Platform allows to connect all the players that participate in an international transfer.
- All players work with the same smart contract which guarantees confidence in the operation of the system.
- Transactions are completed in real time.
- The liquidity of the system is managed in real time, drastically reducing the need to fund compensation accounts.
information is replicated in a network of completely equal nodes.
There is no repository access key that can be attacked.
- Transactions are stored in blocks that are sealed with an unalterable code. The blocks are linked (blockchain) which makes any information alteration more difficult.
- The incorporation of transactions is performed with consensus mechanisms that ensure they are authentic and prevent their manipulation.
- Stored information cannot be modified or deleted by anyone.
Blockchain Potential (DLT)
Applied to financial processes and services
DLT reduces / eliminates manual efforts required to perform reconciliation and resolve disputes.
Regulatory efficiency improvement
DLT enables real-time monitoring of financial activity between regulators and regulated entities
Counterparty risk reduction
DLT challenges the need to trust counterparties to fulfil obligations as agreements are codified and executed in a shared, immutable environment
Clearing and settlement time reduction
DLT disintermediates third parties that support transaction verification / validation and accelerates settlement
Liquidity and capital improvement
DLT reduces locked-in capital and provides transparency into sourcing liquidity for assets
DLT enables asset provenance and full transaction history to be established within a single source of truth
More than 20 years of experience developing and implementing technology for end to end check processing solutions covering the whole process from check deposit, back office validations and clearing on high production environments, in Spain, Latam and USA. Among their many achievements, there are:
- Country regulations for truncation and check processing successfully implemented in several countries (ie Check21 USA regulation since 2003)
- High production back office image-driven check processing up to 3.000.000 checks/day in a single platform.
- Cloud, mobile and remote solutions for web deposit from agencies and end customers or their mobile check deposit.
Enrique Olivera has more than 16 years experience working in tech companies (INDRA) in positions related to business development and business administration in Latam.
He is an Agricultural Engineer from the University of Buenos Aires and also has a MBA from CEMA University.
Wladimiro Navarro Köhler has more than 25 years of experience in development and innovation positions in different companies, latest 10 years in solutions for the financial sector. Wladimiro Navarro, is a Telecommunications Engineer from the Universidad Politécnica of Madrid. He also has a PDD from IESE.
Alfonso Recio has more than 12 years of experience in Financial Consulting, working in Top consulting firms such as FTI Consulting and Deloitte, having participated in various engagements developing Financial Director, Cash Management and Planning, Working Capital Improvement, Financial & Operational restructuring, M&A, and fundraising activities.
Luis Álvarez Satorre
Luis Alvarez Satorre is an experienced global business leader with deep understanding of how innovation through digital technologies can transform businesses.
Currently Chief Executive Officer at SIA Group, previously led businesses from high growth small units to drive the turnaround as CEO of BT Global Services.
FINWEG joins the Association of Blockchain Companies (AECHAIN), to facilitate the adoption of this technology in society, companies and institutions
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Finweg participated in the event “Blockchain, from theory to practice” organized by ‘El Confidencial’
The event organized by ‘El Confidencial’ took place last October 23rd in Madrid. Companies from different sectors such as Metrovacesa, Everis, JLL, Cecabank, Instituto de Empresa and Finweg gave examples of how the application of Blockchain technology is...read more
Finweg selected by the program “Bankia Fintech by Insomnia”, the first collaborative fintech accelerator of Spain
Finweg, specialized in the development of blockchain solutions for electronic payments, has been one of the selected by Bankia Fintech by Insomnia, to work on innovation processes developing products on blockchain technology for BANKIA and its customers. Out of a call...read more
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C/ Poeta Joan Maragall, 7