How they describe themselves: nanopay is a Fintech company based in Toronto that provides a unique payment platform that powers multi-currency payment solutions with instantaneous settlement. nanopay solutions include cross-border payment networks, business-to-business (B2B) payments and digital cash. Open APIs enable banks, payment service providers and businesses to securely store and transfer digital value between parties instantly and without intermediaries. The nanopay platform uses state-of-the-art cryptography and bank-grade HSM security and is designed for global regulatory compliance. nanopay is venture funded with strategic investments from international partners including the Merchant Banking Division of Goldman Sachs.
How they describe their product/innovation: Today, interbank cross-border payments are slow, expensive, non-transparent, highly manual, dependent on multiple intermediaries, and a poor customer experience. nanopay cross-border payments platform enables the banks to provide instantaneous fund transfers including settlement, without intermediaries, with higher straight through processing, full transparency and over 60% cost reduction. nanopay B2B payments enable businesses to make secure and trusted payments between parties who are unfamiliar with each other. Businesses use a centralized directory instead of exchanging bank account information and agree on conditions to complete payments. Using ISO 20022 standards to deliver metadata means achieving higher straight through processing.
Product distribution strategy: Direct to Business (B2B), through financial institutions, licensed