Zilliqa, the high-throughput public blockchain platform, today announced it will be partnering with Xfers, a Singapore based digital payment service.
Built for enterprise use, Zilliqa is a public blockchain platform that uses sharding as an on-chain solution to preserve decentralization and enable greater scalability. Zilliqa’s proprietary smart contract language, Scilla, will be critical to programming decentralized and transparent payments.
Xfers facilitates payments for online businesses and fintech startups while supplying the tools to be compliant in the region. The company is the first to be recognized as a Monetary Authority of Singapore (MAS) approved Widely Accepted Stored Value Facility (WA SVF).
Having processed over USD $260 million across Singapore and Indonesia in 2018 alone, Xfers currently offers open and interoperable application programming interfaces (APIs) and software development kits (SDKs) to its existing enterprise partners, in order to ensure that they can enter new markets with greater ease while complying with local regulations.
Zilliqa Smart Contracts
Leveraging on Zilliqa’s smart contract functionalities, the progressive business solution will drive greater efficiencies in cost, transparency, and security for users onboarding Xfers’ payment platform.
With the architecture of Xfers’ payment infrastructure built on Zilliqa’s smart contracts layer, this will bring about new innovations to Xfers’ suite of enterprise solutions, which include support for payments, disbursements, regulatory compliance, a built-in digital wallet, and more.
To date, Zilliqa’s blockchain is able to process 2,828 transactions per second. Delivering on the infrastructure it has been building for the past two years, Zilliqa enabled smart contracts on June 10th with a view to transforming existing business processes and driving efficiencies.