Minima and Mercury FX Challenge SWIFT with Blockchain
Date: 2024-07-26 Author: Gabriel Deangelo Categories: BLOCKCHAIN
Minima and Mercury FX have joined forces to revolutionize international payments and improve global financial communications. Their goal is to develop an alternative to SWIFT, the world’s largest payment messaging network. This alliance aims to create a safer, faster, and more efficient system for international transactions.
Minima, a layer-one blockchain focused on decentralized physical infrastructure network (DePIN) solutions, has partnered with Mercury FX, a global currency payment solution, to implement Maxima, a data transfer layer protocol. Maxima allows users to exchange information using transaction proof of work (TxPoW), significantly improving security and data processing speed.
A New Era of Financial Communications
According to a July 24 statement shared by CryptoSlate, Maxima ensures that messages are encrypted and can only be read by the recipient. This method increases the number of hash functions, which significantly improves the security of the system.
Traditional financial infrastructure faces many challenges, such as high operating costs, slow processing speeds, and vulnerability to cyberattacks. Maxima promises faster transactions, lower latency, and increased security by encrypting messages with the recipient’s public key. Maxima’s fully decentralized nature further strengthens the system’s security.
Executive Comments
Hugo Fiehler, CEO of Minima, said the partnership between the two firms could lead to a paradigm shift in how money moves across borders. He noted:
“We are at a critical juncture in the development of financial technology. This test is designed not only to prove Maxima’s technological capabilities, but also to set a new standard for global financial communications in terms of security, efficiency, speed, cost, and compliance.”
This view was echoed by Alastair Constance, CEO of Mercury Global:
“By using Maxima in our payment systems, we expect to see increased efficiency, reduced costs and faster transactions, as well as a quantum leap in the amount of data that can be transferred with a payment.”
The Importance of the Trial
The companies said that the feedback received from this trial will be critical to improving and expanding the use of Maxima for global financial messaging. This alliance aims to establish a new standard in the financial industry that will address SWIFT’s vulnerabilities and significantly improve the overall security and efficiency of cross-border payments.
The collaboration between Minima and Mercury FX promises to bring significant changes to the world of international finance. The use of advanced blockchain technology and decentralized solutions like Maxima can significantly improve the security, speed and efficiency of global financial communications, challenging traditional systems like SWIFT.
