Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.
With over 1,000 clients and a turnover of more than 16 million euro, the payment processing platform is successfully operating around the world.
CREDO is a new generation multifunctional payment system based on an algorithm that involves the participation of an independent agent in the financial transactions. The first model of the platform was developed in 2012, two years after the project’s founder first came up with the idea of creating a system that will improve everyday shopping experience.
CREDO uses Electronic Certificates that serve as derivatives under which the parties of a commercial transaction assume the right to perform certain actions with respect to the underlying asset. Konstantin Galibus, CREDO CEO, had already obtained an intellectual Russian patent for this business model.
We interviewed Konstantin and asked him a few questions about his project.
Question: How would you explain to a simple person without any experience in finances what is the uniqueness of your system?
Answer: You always acquire cheaper goods through CREDO. CREDO excludes unnecessary intermediaries in a transaction between the manufacturer and the final buyer. We call these terms a fair environment, which is ensured by absolutely open terms of transactions and technically and legally integral processing system, reinforcing the trust between the participants.
Question: How does your system adapt to the legislation in different countries?
Answer: A derivative is a generally recognized derivative financial instrument. When the requirements of the regulator of the country where it is accepted as payment for goods are complied with, it adapts to the legislation of each country where our operators carry out activities.
Question: Could you give us some examples from the operational experience of the system, demonstrating its adaptability?
Answer: We carried out a transaction in Europe through CREDO. VTB Bank in Russia executed a cross-border transfer for purchase liabilities of one of our Spanish counterparties. While Deutsche Bank, which acted as a correspondent bank, suspended the transfer of funds until the transaction structure was explained. When the processing model CREDO was presented to Deutsche Bank and the economic feasibility was proved, the funds were released and the transaction was concluded with success. This example demonstrates not only the adaptability of our system to the strictest requirements of international banks, but also our willingness to ensure cross-border transactions using an absolutely independent financial instrument.
Question: How will your system help the community of crypto currency?
Answer: With CREDO, the crypto currency passes from the category of a speculative instrument to the category of full-bodied means of payment and means of circulation. We will ensure the circulation of crypto currency using our own processing of derivatives, which will be an intermediate link between the world of fiduciary currencies and cryptographic currencies.
Question: What are the prospects for partners of CREDO and what needs to be done to obtain you license, to become an operator and act as a processing agent?
Answer: The return on capital from the Operator’s activities is 75%. It means that the Operator get an annual return of 75% from the funds invested as working capital for security payments.
In order to become our operator, you need to determine the development plan on the chosen territory, complete training, buy a license and have a starting working capital.
You can also acquire CREDO tokens and get access to a prospective financial business as a co-founder of a specially created business unit with the powers of an Operator or a full-fledged partner.