RAAY – BANKING THE UNBANKED
Fast, secure financial transactions between multiple parties at minimal fees
DECENTRALIZED FINANCIAL SERVICES FOR EVERYBODY
RAAY is financial accounting, remittances, 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 the unbanked as their entry to financial services. This project is initiated and supported by Datarella, a well-established Germany-based blockchain and big data service provider.
RAAY provides compliant, decentralized financial services. According to the World Bank, 2 billion adults in the world remain without a bank account.
RAAY focuses on this gigantic global market, bridging the gap between the monetary systems that exist in every local economy, and those people who are currently excluded from easily accessing financial services.
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.
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 Financial Transaction and Auditing 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 humanitarian organisations and governments who are currently facing inefficiencies with their existing financial systems and high fees to banking and payment infrastructure 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.