By
Benjamin Njiri
April 23rd, 2024
Six Clovers will be challenging the traditional SWFT banking systems by offering decentralized modern financial infrastructure solutions that can move money across the globe in the blink of an eye.
On Tuesday, June 15, former PayPal executives – Jim Nguyen, and Nas Kavian – announced their new FinTech infrastructure platform Six Clovers. Six Clovers is a completely decentralized global payments network connecting merchants, banks, and other payments providers while allowing them to transact digital currencies worldwide. Besides, the network will facilitate fully regulated stablecoins.
Six Clovers aims to challenge the traditional banking SWIFT systems. It argues that “we enter a new era of finance, businesses need a modern payment infrastructure that reduces inefficiencies in today’s money movement process”.
Six Clovers Payments
The Six Clovers payments platform rests atop the Algorand blockchain. Its new decentralized payments network will allow organizations to integrate real-time payments while using the scalability and efficiency of digital currencies.
Six Clovers has two product offerings at this stage – RAPID and RAMP. the RAPID decentralized payment network facilities instant global payments using stablecoins like USDC. On the other hand, RAMP uses a single API connection to facilitate “fiat on and off ramp using global payments and services specific to the digital asset ecosystem”. Speaking of this development, Six Clovers CEO Jim Nguyen said:
“Six Clovers is a next-generation payments infrastructure that solves many of today’s challenges with domestic and cross-border payments, while opening up a whole new world of digital finance opportunities. We equip financial institutions, payment providers, and merchants with a full-stack, blockchain native payment infrastructure to seamlessly and securely move and transact in digital currencies globally.”
Expanding the Footprint in Global Markets
Six Clovers is certainly not the first company to provide instant cross-border payments worldwide. Previously, we have seen players like Ripple and giants like Facebook dabble into this. However, the regulatory hurdles continue to remain a big challenge in the mid-way. On the other hand, getting banks aboard is a major challenge. Speaking to CoinDesk, Lin William Cong, an associate finance professor at Cornell University, said:
“It’s not a technical difficulty, it’s about running the business, collaborating with the various parties to all at the same time accept this as a payment”.
Six Clovers already has its operations running in Argentina in partnership with Grupo Supervielle. It is looking to expand its global footprint steadily. Initially, it looks to avoid regions with high regulatory action. “China is always a tough region to crack. I think that for us, there are significantly greener pastures with a significantly lower competition like Latin America, Europe, Singapore and Southeast Asia,” said Nguyen, speaking on this matter.