Wirex, a cloud-based hybrid personal banking platform, has launched a multi asset off-chain liquidity network, called W-Pay, to enable ultra-low cost instant payments on a global scale.
The 100% in-house built payment network, which is powered by smart contract technology, features a fully-automated trustless blockchain environment for machine to machine (M2M) payments with zero blockchain fees, gateway fees, or customer chargebacks.
“W-Pay technology continues to evolve, making it possible to use over 50 cryptocurrencies together with Fiat money in a fully-automated and trustless environment, without the need to wait for blockchain confirmations,” Wirex said in its press statement.
Cryptocurrencies supported by W-Pay include Bitcoin, Litecoin, Ether, Ripple, Dash, and NEM. It will also support fiat money such as US Dollars, GBP, Euros, Japanese Yen.
The payment network is designed in accordance with ISO 20022 and PCI/DSS standards and is connected to multiple blockchains as well as traditional payment schemes.
Wirex CEO Pavel Matveev said: “Unlike off-the-shelf technologies, Wirex has built 100% of their platform in house. Wirex has full ownership and control of the technology stack, giving it flexibility to react to changes in customer behaviour and demands.
“This unique approach enables Wirex to build systems free from legacy constraints by using blockchain technology that is revolutionizing the payment industry.”