Payment

This page explains the Payment micro-services that powers the use cases such as Payment RAILS, payment networks, settlements etc.

The Finscale Payment Service integrates external payment methods such as

  1. Bitcoin

  2. Bank Setllement and Clearing System

  3. ACH

  4. Payment Gateways

Typical Framework

Typical framwork approach is typically send messages and return those message and let clearing house or settelment providers send you a message. Sometimes this can work instantly or could have some delay.

In one approach a payment is made digitally , say from a service A to a real bank account, this goes through different steps

  1. Payment made

  2. Payment electronically captured by processor

  3. Payment credited and debited

  4. Once the payment is settled response is recorded.

  5. Response chain goes back to the funder.’

In some cases there are different set of technology where the value is observed and transferred like in case of SWIFT or ACH or SEPA. Thse technical conventions allow major FI and Banks to record value transfer.

Why it need change?

Developers around the world currently face a dillema ie: what to build and where to build? Like for an instance when building or sending money across different continents, what actually goes is that there are different stacks of technology where values gets across. This prevents innovation. Many major technology provider are struggling with this case of interopertability.

What this means is when a developer or a product designer decides to code this solution there is a dead end , since developers cannot cover edge cases of other teritory through language which they cannot speak.

Most of the developement is moving towards the idea of including the different set of rules and integration. One can look at the integration as monolithic in size where rules govern the flow of exchange of information and there is acceptable failure of information flow.

Another aspect is that incentives are quite low for FI to operate on single standardised platform.

Our Approach