Date: July 24, London - Minima, a fully decentralised and device-agnostic L1 for DePIN projects, has partnered with Mercury FX, a global currency payment solution, to provide an alternative to SWIFT - the world’s largest payments messaging network.
This collaboration and proof of concept will demonstrate an innovative alternative to the SWIFT system, leveraging Maxima, Minima’s information transport layer protocol that allows anyone to exchange information by performing a small amount of work from their device, called Transaction Proof of Work (TxPoW).
Utilising the P2P network enabled by Maxima, the messages are encrypted and can only be read by the recipient, as they are encrypted with the recipient's public key. This approach enhances the security of the blockchain and the Mercury platform by increasing the number of hash functions.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a global network used by financial institutions, it does not transfer money, but enables payment orders that need to be settled by correspondent accounts between institutions. Despite its widespread use, it faces several challenges, including high operational costs, slow processing speeds, and vulnerabilities to cyber-attacks.
A few years ago the SWIFT financial platform was compromised and the attackers stole $81 million (£55.8 million) from the Bangladesh central bank,as reported by British defence contractor BAE Systems. SWIFT, a cooperative working with over 3,500 financial institutions, introduced updates and security enhancements following the incident. However, the SWIFT network can still be seen as vulnerable due to its nature as a single point of failure.
Maxima’s real-time rich messaging capabilities promise faster transaction times, reduced latency, and enhanced security by encrypting messages with the recipient's public key and fully decentralised nature. This collaboration aims to set a new standard for global financial communications, addressing SWIFT's inherent vulnerabilities and improving overall security, efficiency, and compliance in cross-border payments.
"We are at a critical juncture in the evolution of financial technologies. This trial is not just about proving the technological capabilities of Maxima, but setting a new standard for global financial communications in terms of security, efficiency, speed, cost, and compliance," stated Hugo Feiler, CEO of Minima. "Our partnership with Mercury Global could lead to a paradigm shift in how money moves across borders, offering more security and transparency than ever before."
The feedback from this trial will be crucial in refining and expanding the use of Maxima for global financial messaging, and incorporating it into more Mercury FX payment corridors.
“By leveraging Maxima in our payment systems, we anticipate improved efficiency, reduced costs, and quicker transactions as well as a quantum leap in the increase of data that could travel with a payment. This will enhance compliance with existing and future legislation about the sender and receiver identity involved in cross-border payments and provide more data to identify and prevent fraudulent transactions,” commented Alastair Constance, CEO of Mercury Global.
This collaboration outlines Minima’s role in enhancing blockchain usability in the financial system and sets the stage for the future of decentralised financial messaging, promising a more secure, efficient, and cost-effective global financial landscape.
About Minima
Minima, the real-world blockchain, is a layer1 focused on everyday solutions through device-led infrastructure.
A unique Layer 1 blockchain, distinguished by its lightweight architecture that enables a full (constructing and validating) node to run on any mobile or IoT device, making it exceptionally adaptable for scaling Decentralised Physical Infrastructure Networks (DePIN). Minima's technology is now supported by an expansive and engaged community of over 50,000+ node operators. Minima’s extensive network, one of the largest in the DePIN space, showcases its commitment to empowering users and developers to innovate and secure digital solutions in a decentralised world.
The blockchain is compact, quantum-resistant, and secured by every single user on the network. Learn more at minima.global.
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About Mercury Global
Mercury Global is an established leader in international payments and foreign exchange, known for its rapid processing and cutting-edge technology. Mercury has a history of testing the technological boundaries of cross-border hybrid (FIAT-blockchain) payments within the regulated space. In 2017, Mercury partnered with Luno in an FCA sandbox to test Bitcoin-FIAT payments between South Africa and the UK. Between 2019 and 2021, Mercury became the first regulated firm to successfully make XRP-FIAT payments to Mexico and the Philippines. The second regulatory sandbox was undertaken in partnership with Ripple Technology Labs Inc and VALR in the Inter-Governmental Finance Working Group (IFWG) sandbox testing the regulatory compatibility of XRP-FIAT payments into and out of South Africa. Mercury Global remains committed to delivering innovative and efficient financial solutions which are fit for the future. Visit us at https://www.mercury.global/