Minima, a layer-1 blockchain company, and Mercury FX, a global currency payment solution, have come together to challenge SWIFT, the largest payments messaging network in the world. Their goal is to enhance global financial communications and revolutionize international payments using blockchain technology.
In a statement shared with CryptoSlate on July 24, the companies announced a proof of concept that will utilize Maxima, Minima’s information transport layer protocol. This protocol allows users to exchange information through Transaction Proof of Work (TxPoW), ensuring encrypted messages that can only be read by the intended recipient. By increasing the number of hash functions, Maxima enhances security in the system.
The need for an alternative to SWIFT arises from the challenges faced by traditional financial infrastructure, such as high operational costs, slow processing speeds, and vulnerabilities to cyber-attacks. Maxima promises faster transaction times, reduced latency, and enhanced security by encrypting messages with the recipient’s public key. Its decentralized nature further strengthens the system’s security.
Through this partnership, Minima and Mercury FX aim to establish a new standard for global financial communications by addressing SWIFT’s weaknesses and improving security, efficiency, and compliance in international payments. Hugo Feiler, CEO of Minima, believes that this collaboration could lead to a significant change in how money is transferred across borders, setting a new benchmark for global financial communications.
Alastair Constance, CEO of Mercury Global, also expressed optimism about the partnership, anticipating improved efficiency, reduced costs, quicker transactions, and increased data transmission with payments. The feedback from this trial will be essential in refining and expanding the use of Maxima for global financial messaging.
Overall, this partnership between Minima and Mercury FX represents a step towards disrupting the traditional financial system and embracing blockchain technology for more secure, efficient, and compliant international payments. Stay tuned for updates on the progress and impact of this collaboration in the global financial landscape.