About Transparent Financial Systems
Transparent Financial Systems is a cost free regulated 24/7 real-time payment platform.
Overview of briefing
00:00 – 1:55
Jeff begins the explanation of Xand by outlining the problems associated with b2b payments.
Xand is a community based b2b platform for real time value transfers. The networks are designed and organized by each community. These networks can span the gamut from foregin exchange trading to networks of regional and community banks.
1:55 – 3:20
Technical demonstration begins by explaining the parameters of the technical install for bank partners. No software must be installed. All that’s necessary are three available APIs: balance check, transaction history, and book transfer.
All the members of this specific network must be banked by a participating bank.
3:20 – 5:30
Fund transfer demo begins. The fund transfer is initiated between business and bank by creating the digital dollars and moving the funds correspondent to that request into the shared account for the network.
Jeff is running two similar demos side by side. One using the wrapped APIs through a basic UI and one by pulling the APIs.
5:30 – 7:40
A true business to business transaction is initiated between the two business demo accounts. This transfer “doesn’t actually touch” the banks to move from one business to the other. The transaction is stored on each member’s data store and is also captured by the aggregated ledger. Upon arrival of the funds, the payment obligation of the sender is automatically extinguished.
Switching to Swagger to pay using the APIs directly. Another successful transaction is initiated through the other user experience.
7:40 9:00
Jeff moves on to explain how redemptions are executed through the Xand system.
9:00 – 10:38
Discussion of how the bank APIs are wrapped by Xand for ease of use. This creates a network effect of businesses and banks on the Xand system.
In closing, Jeff reiterates how Transparent Systems is focused on working with Regional and Community Banks to serve businesses.
Additional Briefing Information
This briefing was held at V-Sum_Three on January 19, 2020. V-Sum_Three was financially supported and made possible by Shopify, The Kauffman Foundation, & Levvel.