RAAY – THE NEW OPERATING SYSTEM FOR BANKING
Blockchain-based accounting, payments, settlements and identity management.
A DISTRIBUTED BANKING BACKBONE
RAAY is a backbone for financial accounting, transactions, credit management, asset tokenization and cashless payments based on the blockchain. With marginal transaction costs, vanishing overhead, and the cryptographic security of the blockchain, RAAY is made to serve as a highly efficient entry to financial services. RAAY is initiated and supported by Datarella, a well-established German blockchain solutions provider.
RAAY focuses on the gigantic global financial services market, eliminating technical and functional barriers of global asset management.
RAAY LEVERAGES BENEFITS INHERENT TO BLOCKCHAIN
RAAY is built on Datarella’s experience. This experience is based on designing, building and deploying a blockchain-based accounting and payment system for the United Nations World Food Programme WFP that performs the core functions provided by banks today. The applications run on top of an Ethereum blockchain facilitating cryptographically verifiable honest behavior.
SAMPLE RAAY APPLICATION
The challenge: Limited Access to Financial Services
A third of the world’s population has no access to financial services. Financial services like holding assets in safe deposit accounts and the availability of easy money transfers are a necessary precondition for every flourishing economy. According to the World Bank, more than a third of the world’s population has no access to banks and their services at all. 2 billion adults remain without a bank account and nearly half of the adults’ population in developing countries have no access to financial services.
An Out-of-the-Box Banking System
RAAY is designed as a fully-functioning financial transaction and auditing system that can easily be integrated into diverse existing technical and regulatory frameworks. This out-of-the-box approach makes RAAY the banking solution of choice for third party financial application providers.
Since RAAY does not aim to replace existing financial infrastructures, but rather fit within their current gaps, existing participants of financial processes profit from integrating RAAY from the start. RAAY’s blockchain technology allows for minimal transaction costs that in turn enable network participants to execute micro transactions. Consequently, this inclusive approach allows for minimal fees that – together with its inclusiveness – form the basis of RAAY’s business model.