Often cross-border bank transfers default to 3-5 business days, on the other side P2P fintechs need signup, KYC, and other steps. I built an app that eliminates the need to open an account or go through long verifications, allowing users to send money immediately.
How? Via Visa and Mastercard card-to-card real-time transfers, money can be sent straight to a card using the card number only, without the requirement for IBAN, Swift Code, or any extra routing data.
*Link to MVP*: [https://app.threadpay.io](https://app.threadpay.io/)
*Link to Memo with demo recordings*: https://coda.io/@taulant-mehmeti/threadpay-memo
*Link to Landing page*: [https://threadpay.io](https://threadpay.io/)
Because the user already has a card, it means it has been verified by the bank (AMLc, CTF, etc.), and the bank has the final say on each transaction. I based ThreadPay on the logic of "checkout as guest" when purchasing something online; in my case, you pay an individual rather than a merchant.
According to security considerations, there are three layers:
1. The bank is the base layer. At any time, the bank may limit, suspend, or enforce any regulation on the user card.
2. The provider - Most payment providers, such as Stripe, have their own risk analysis products.
3. ThreadPay - based on the observation we will enforce our layer of security also. (We don’t have one at the moment)
For example, I could setup a fake product on ebay to facilitate payments to me. eBay shouldn't need to do CTF checks on this possibility.