Swiss fintech pioneer Centi has unveiled its Swiss Franc-pegged Centi Franc Stablecoin (CCHF), underpinned by a 1:1 backing from a Swiss bank, which will serve as the foundation for the firm’s innovative Global Payment Network. By merging the robustness of Swiss banking with the efficiency of blockchain technology, Centi has engineered a comprehensive payment processing system that exclusively relies on state-of-the-art web3 infrastructure – a first-of-its-kind application with more to come.
Centi’s groundbreaking approach empowers merchants to receive direct payment settlements in their preferred fiat currency without altering existing accounting procedures or requiring knowledge of cryptocurrencies. This offers a seamless experience akin to traditional credit card services, while simultaneously reducing transaction fees by up to 99%. Founded in 2020 by a team of Swiss and European specialists, Centi aims to grant true economic power to buyers and sellers by eradicating hidden fees and costs imposed by the credit card sector. By facilitating direct settlement between parties, Centi’s stablecoin redefines the prevalent four-party credit card model that has endured since the early 1970s.
The Centi Swiss Franc stablecoin, guaranteed by a Swiss bank and operating on a high-performance blockchain, closely resembles a Central Bank Digital Currency (CBDC). With the integration of merchant acceptance technology and a consumer app, Centi showcases the potential future of payment processing using CBDCs and bankable fiat on-off ramps. Utilizing a low-cost, frictionless, and ultra-efficient transaction model based on micropayment facilitation, Centi’s Global Payment Network amalgamates the benefits of cash and electronic payments with the enhanced adaptability, cost-effectiveness, and efficiency of digital solutions. The platform is compatible with online, point-of-sale, and cashier payment systems, leveraging blockchain technology to deliver transaction fees that are 90% lower than competitors like PayPal, Visa, and Mastercard.