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Minima and Mercury FX Join Forces to Challenge SWIFT with Blockchain Technology
Minimumsa layer 1 blockchain focused on decentralized physical infrastructure network (DePIN) solutions, is partnering with Mercury FX, a global currency payments solution, to develop an alternative to SWIFT, the world’s largest payments messaging network.
According to a July 24 statement shared with CryptoSlate, this proof of concept will leverage Maxima, Minima’s information transport protocol, which allows users to exchange information by performing a small amount of work from their device, called Transaction Proof of Work (TxPoW).
The company said that Maxima would ensure that messages were encrypted and could only be read by the intended recipient. This method, it claims, increases the security of the system by increasing the number of hash functions.
Why Maxima?
According to the statement, an innovative alternative to SWIFT is needed in the global financial system, as traditional financial infrastructure faces numerous challenges, including high operating costs, slow processing speeds, and vulnerability to cyber attacks.
However, Maxima’s capabilities promise faster transaction times, reduced latency, and improved security by encrypting messages with the recipient’s public key. Additionally, its fully decentralized nature further strengthens the system’s security.
Therefore, the collaboration aims to set a new standard for global financial communications by addressing SWIFT vulnerabilities and improving overall security, efficiency and compliance in international payments.
Hugo Feiler, CEO of Minima, said that the partnership between the two companies could lead to a paradigm shift in the way money moves across borders. He added:
“We are at a critical stage in the evolution of financial technology. This trial is not only about demonstrating Maxima’s technological capabilities, but also about setting a new standard for global financial communications in terms of security, efficiency, speed, cost and compliance.”
This opinion was also confirmed by Alastair Constance, CEO of Mercury Global, who stated:
“By leveraging Maxima in our payments systems, we anticipate greater efficiency, reduced costs, and faster transactions, as well as a leap forward in the amount of data that could travel with a payment.”
The companies said that feedback from this trial will be critical to refining and expanding the use of Maxima for global financial messaging.