The Takeaway
Placing cashier’s checks on the blockchain is a smart move to combine traditional banking with digitization.
The Details
Swiss blockchain developer Liquineq AG is making “digital cashiers checks” a reality. The new service uses Liquineq’s Liquidium token — a permissioned, multi-tier Blockchain-based financial platform designed to bridge the gap between traditional banking system and new digital forms of financial transactions.
When used in an international transaction, Liquineq says its new system converts a local digital cashier check into a digital cashier check denominated in the destination country currency. The settlement is said to be instantaneous locally and globally, “while remaining fully-compliant with both country’s foreign currency controls, know your customer and anti money laundering laws,” according to an announcement about the service from Liquineq.
“The ability to allow cashier’s checks to enter the digital age is long overdue,” said Dan Kikinis, founder and chief science officer of Liquineq. “A Liquineq digital cashier’s check can also be broken down into smaller unit near ad-infinitum and shared across banks, countries and individuals. Liquineq offers the only token solution that fits into the current regulatory framework, as our tokens behave in an identical fashion to digital cashier’s checks. Several central banks have already given their nod to this approach."
Customers can set up and fund an account with a bank using Liquineq in minutes, simply by downloading the Liquineq mobile wallet and answering a few easy questions. Debit cards can also be linked to the wallet, allowing instant access to funds deposited with a bank.
Liquineq AG is based in Zug, Switzerland. More information: http://www.liquineq.ch
Related article: https://steemit.com/blockchain/@randallnewton/stealth-swiss-startup-debuts-blockchain-powered-fund-transfer-platform