Drachmae Money is a platform that uses digital tokens to facilitate closed loop services for Central Banks, Banks, NGO’s, Corporates and Crypto Currencies. The simplicity of the system is that it allows for mobile money providers, cash businesses, payment processors and MNO’s to interoperate via a closed loop hub using asset backed (each token has a monetary value) digital tokens. The benefit of the digital token is the use of the blockchain ledger that provides an anti-fraud mechanism whilst allowing for reduced costs, faster transactions, inbuilt regulation and compliance and interoperability between disparate systems. As with existing mobile money solutions the tokens can be sent via SMS, Mobile App or Website
A Digital Clearing House
Drachmae Money is built around a fully fledged mobile money banking platform which has been fully trialled by and now under licence to Virtual Technology Services: “Qoute fromwww.vts.com.na” Virtual Technology Services testing block chain crypto currency technology Virtual Technology Services (VTS) is an African based Technology Company that is driving financial inclusion to the rural masses, and is currently testing block chain crypto currency technology. Under provisional authorization from the Bank of Namibia, VTS has deployed a Universal Issuing Platform and Payment Switch that will support hybrid payment options, including traditional, mobile, and crypto tokenization. Once VTS has received its final authorization it will work closely with the respective regulators on the commercialization of the block chain and is currently planning a pilot of the technology with a local not for profit organization (MyDigitalBridge Foundation) that will include remote rural connectivity supporting mobile transactional services, as well as providing internet to a currently unserved primary school and rural community. Dr. Hylton Villet, Managing Director of VTS stated, “With about 48% of our population currently financially excluded and unbanked, the adoption of new and innovated globally proven solutions is the key to unlocking the potential of citizens.” Paul Rowney, Technical Director of VTS stated "We see the adoption of such technology as a potential solution to connect national development initiatives with their beneficiary groups, regardless of location or financial means."
- The system will use digital token technology with a set amount of tokens created. This technology will ensure that no counterfeit coin/token can be used in the system, this will be an internal private coin/token to transfer funds.
- Digital coins/tokens are redeemable for cash or purchases with local Mobile Money providers, Payment Processors, Cash In/Out providers and businesses.
- Accessible by all types of mobile phones from any network, using either a simple text message, smartphone app, website or email.
- All payments and transfers are secured by password and/or PIN code request to confirm transfers. The platform can support USSD, number and short code integrations.
One third of the global population are unbanked: "Providing financial services to the 2.5 billion people who are 'unbanked' could boost economic growth and opportunity for the world's poor,” said World Bank Group President Robert B. Zoellick. The unbanked financial world has high levels of corruption and fraud that can be found at many different layers. Use of the blockchain ledger provides a mechanism to reduce and eliminate fraud and increase auditability by posting all transactions to the public ledger. What are the benefits to existing money providers, Banks and Governments? Providing a digital clearing house to these sectors highly important for unbanked money services. Drachmae Money enables all parties to plug in to the platform and, via tokenization, to go cross network, cross border and cross sector, reducing costs and speeding up transactions in a controlled and regulated environment. Ensuring compliance with existing frameworks such as KYC, AML and non-repudiation of data reduces fraud and corruption and provides a hybrid solution that can be adopted by existing players whilst enabling cost savings and the opportunity of new services to end users. Drachmae Money is highly unique in that it will be enabling decentralised functions from the NXT Core, with the ability to add other currency cores and or blockchains as as they develop. The development roadmap will then look to add further core functions into the native system that are deemed of use to the financial industry as a whole. Account Authentication. Using a unique token generated by the NXT client, based on an encrypted version of the account’s passphrase, a NXT user can identify themselves with complete certainty and verifiability, as the holder of a particular account. This feature can also be utilised in KYC verification procedures. (We hope Bitcoin and other crypto currencies add the same feature) Voting System. A core integrated polling system, allowing creation and broadcast of custom-made voting polls to NXT account holders, with clearly verifiable and secure results tallying via the blockchain. Monetary System. This is NXTs 'coloured coins' implementation. Secondary currencies can be created and distributed via the NXT core, with the value being backed by the 'locking-in' of an equivalent amount of NXT. The Monetary System will allow even a technically unskilled operator to create a fully-functional currency with little difficulty. Drachmae Money Transactions services:
- POS integration
- Retail Merchant integration
- SMS and Email Marketing services
- ATM integration
- Merchant processing (Fiat and Crypto to Fiat)
- Internal Exchange
- Internal Escrow
- Internal Stock Exchange Regulated
- NFC Technology
- Loyalty & Reward Distribution
- Payroll and fund raising
Drachmae Money Automated Telephone Payment System Fully automated, secure and flexible - the Drachmae Money Telephone Payment Service has the ability to charge set amounts or charge per minute for the duration of a call. A great alternative to using manual live operator payment lines or premium rate numbers; it is simple to set-up and ideal for many industries and services, such as:
- Ticket Booking Lines
- Technical Support Lines
- Advice Lines (Legal, Medical, Veterinary)
- Data Capture Lines for Subscriptions
- Debt Collection
- Car Parking Fees
- Charity Donation Lines
- Tipster Services
- Chat Lines
- Psychic & Tarot Lines
- Fixed Penalty Payments
- Taxi Fares
The DT Chain Permission node blockchain integrated Automated Telephone Payment System with Mobile Money, allows users to harness their mobile money account for existing payment services whilst ensuring their security.